Amidst a Bitcoin-fueled rally, meme cryptocurrencies SHIB and DOGE have surged to the top of the open futures rankings, signaling a market shift towards riskier assets.
Since the beginning of November, open interest in SHIB futures has jumped by 23% to $61.74 million, outpacing all other major cryptocurrencies. DOGE futures also saw a significant 14.6% increase to $328 million. This reflects a broader market trend of increased capital inflow and risk appetite among investors.
Other digital assets like MATIC, ETH, ETC, and LTC saw modest increases in open interest between 6% and 7%. Bitcoin (BTC), in comparison, didn’t experience any change in its open interest figures during the same period.
The surge in SHIB and DOGE derivatives suggests that traders may be favoring higher-risk investments. Historically, a strong performance from meme coins like these can indicate a shift in market sentiment, often pointing to a possible pivot in Bitcoin’s trajectory.
Despite a flat performance from Bitcoin, hovering around the $35,000 mark, SHIB and DOGE have seen price hikes of 6.5% and 3.6% over the past week, respectively.
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