For the first time since the fall of 2021, open interest in Shiba Inu futures approached $100 million. On March 8, the amount of contracts exceeded $97 million, as indicated by data from the Coinglass platform.
On October 21, 2021, open interest in SHIB futures reached $116.96 million. The cryptocurrency’s spot price soared nearly 158% to $0.00003404 during the week. Over the past 24 hours, its capitalization increased another 7.5% to $20.078 billion.
SHIB came close to Dogecoin, which has a capitalization of $23.636 billion.
IntoTheBlock recorded high addressable activity in the Shiba Inu ecosystem. Since the beginning of March, on average, more than 8,400 new wallets have been registered in it every day.
The user activation led to an increase in the value of the digital currency by more than 300% in a matter of days. The March run resulted in 70% of SHIB addresses becoming profitable.
Losses were incurred by 17% of altcoin holders. Meanwhile, 76% of the total Shiba Inu supply is controlled by hodlers.
The average daily trading volume the day before exceeded $3.551 billion. The RSI relative strength index rose to almost 80 on Friday, indicating that the cryptocurrency is overbought.
According to analysts, SHIB has reached a local peak and may stay there for some time. After that, a correction is expected with the liquidation of positions on the futures market.