Prominent meme cryptocurrencies Dogecoin (DOGE) and Shiba Inu (SHIB) are seeing an increase in influx of capital as a result of Bitcoin’s October rally, which appears to have given the crypto market new life. According to Velo Data, open interest—the dollar value locked in the quantity of active perpetual futures and standard futures contracts associated with SHIB—has climbed by 23% to $61.74 million since November 1st, marking the most percentage growth among the leading cryptocurrencies.With $328 million in open interest, DOGE has experienced a 14.6% growth.
Over the same time period, open interest in bitcoin (BTC) has remained constant, but it has climbed by 6% to 7% in MATIC, ETH, ETC, and LTC. A spike in open interest suggests that fresh money is flooding the market.The fact that there has been a significant rise in capital flowing into derivatives linked to speculative currencies such as DOGE and SHIB indicates that investors are becoming more risk-averse.In the past, the persistent superiority of meme cryptocurrencies has shown greed and denoted shifts in the price trend of bitcoin.
As per a report, the prices of DOGE and SHIB have increased by 3.6% and 6.5% in a week, respectively.In contrast, Bitcoin has remained steady at about $35,000.In just seven days, open interest in XRP has increased by a pitiful 0.76%, despite the fact that the price of the payments-focused cryptocurrency has risen by 18.6%—the largest increase among major cryptocurrencies.According to the data, XRP’s gains have mostly come from one area.
In the interim, funds have been removed from BNB, DOT, UNI, TRX, and ATOM.