Shiba Inu And Dogecoin Futures Soar As Bitcoin Uptick Fuels Meme Coin Mania
Portfolio Pulse from Mehab Qureshi
Meme coins Shiba Inu (CRYPTO: SHIB) and Dogecoin (CRYPTO: DOGE) are experiencing a surge in futures trading activity, driven by the recent increase in Bitcoin’s (CRYPTO: BTC) value. SHIB’s open interest rose by 23% to $61.74 million, while DOGE’s open interest increased by 14.6% to $328 million. This rise in open interest suggests new capital entering the market, with a clear preference for meme coin derivatives. Despite XRP’s price soaring by 18.6%, its open interest only saw a marginal increase of 0.76%, suggesting that its gains were predominantly driven by spot market transactions.
November 08, 2023 | 5:50 am
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POSITIVE IMPACT
Bitcoin's recent uptick has fueled the surge in futures trading activity for meme coins SHIB and DOGE.
The recent increase in Bitcoin's value has led to a surge in futures trading activity for meme coins SHIB and DOGE, indicating a higher risk appetite among traders.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
DOGE's open interest increased by 14.6% to $328 million, indicating a surge in futures trading activity.
The increase in DOGE's open interest suggests new capital entering the market, with a clear preference for meme coin derivatives.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
POSITIVE IMPACT
SHIB’s open interest rose by 23% to $61.74 million, indicating a surge in futures trading activity.
The increase in SHIB's open interest suggests new capital entering the market, with a clear preference for meme coin derivatives.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100