DOGE and SHIB show signs of more upside as open interest rises
Dogecoin (DOGE) is trading near $0.27 after gaining around 38% last week. At the same time, Shiba Inu (SHIB) has broken a key resistance level and is also showing strong upward momentum. One of the main reasons behind this rally is the increase in open interest, which means more traders are entering the market using crypto futures.
DOGE’s open interest has doubled, jumping from about $2.7 billion to $5.3 billion, the highest since January. SHIB’s open interest also went up from $215 million to $328 million, the strongest level since February. This rise in open interest shows that new money is flowing into both meme coins, which supports a bullish crypto trend.
Another important signal is the positive funding rate. This means traders who are buying (going long) are paying extra, which usually happens during strong upward moves. DOGE’s funding rate is around 0.033% and SHIB’s is about 0.023%, showing high buying interest.
Overall, both DOGE and SHIB are getting attention as top meme coins to watch in the current market.
Impact:
DOGE and SHIB might continue to rise if open interest and funding rates stay strong. However, any drop in momentum could possibly lead to short-term price corrections.