Leading dog-themed meme token Shiba Inu has just recorded one of its highest 2026 increases on the derivatives market as its open interest hits its highest level in the past month.

As momentum builds massively among SHIB futures traders, data from CoinGlass shows that Shiba Inu has surged by over 26% in its open interest over the last 24 hours.

Following this explosive increase, the amount of tokens committed to active contracts over the past day has surged past the 12 trillion mark, now sitting around 12.24 trillion SHIB, worth over $75 million, per SHIB’s current price.

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SHIB defies bullish price trend despite OI surge

The rapid increase in SHIB open interest has come at a time when the crypto market is showing extreme strength, with the price of leading cryptocurrencies like XRP and Bitcoin showing notable daily gains.

However, Shiba Inu has seen its price trade in red territory, showing a decrease of 1.6% in its price over the past day. Amid the price slump, XRP is seen trading at $0.000006044 as of writing time.

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The ongoing SHIB price dip appears unusual considering the massive open interest surge and the broad market rebound. Nonetheless, investors are less worried as they believe strong futures moves could flip the price soon and trigger a higher price surge.

The asset's open interest on America’s largest crypto exchange, Coinbase, has also dipped by over 5%, suggesting that some investors are yet to be convinced of its potential price move.

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