Share this article
SHIB, DOGE Top Open Futures Rankings as Bitcoin Rally Spurs Risk-Taking
SHIB and DOGE have seen highest percentage growth in futures open interest since Nov. 1, outshining bitcoin and ether in a sign of increased investor risk appetite in the crypto market.
Updated Nov 7, 2023, 4:16 p.m. Published Nov 7, 2023, 10:56 a.m.
Bitcoin's October surge seems to have injected life back into the crypto market, causing an increased inflow of money into leading meme cryptocurrencies shiba inu [SHIB] and dogecoin [DOGE].
Open interest, or the dollar value locked in the number of active perpetual futures and standard futures contracts, tied to SHIB has increased by 23% to $61.74 million since Nov. 1, the highest percentage growth among top cryptocurrencies, according to Velo Data. Open interest in DOGE has increased 14.6% to $328 million.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
Open interest in MATIC, ETH, ETC, and LTC has increased by 6% to 7%, while remaining unchanged in bitcoin [BTC] over the same time period.
An increase in open interest indicates an influx of new capital entering the market. The fact that more money has recently flown into derivatives tied to non-serious coins like DOGE and SHIB suggests increased willingness among investors to take risks. Historically, a continued outperformance of meme cryptocurrencies has signaled greed and marked trend changes in bitcoin's price.
The DOGE and SHIB prices have gained 6.5% and 3.6% in one week, according to CoinDesk data. Bitcoin, meanwhile, has traded flat around $35,000.
Open interest in XRP has increased by a meager 0.76% in seven days, even as the payments-focused cryptocurrency's price has surged by 18.6%, the biggest gain among major cryptocurrencies. The data show XRP's gains have been mainly spot-driven.
Meanwhile, money has been drained from DOT, UNI, TRX, ATOM and BNB.
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
Bitcoin’s Deep Correction Sets Stage for December Rebound, Says K33 Research
K33 Research says market fear is outweighing fundamentals as bitcoin nears key levels. December could offer an entry point for bold investors.
What to know:
- K33 Research says bitcoin’s steep correction shows signs of bottoming, with December potentially marking a turning point.
- The firm has argued that the market is overreacting to long-term risks while ignoring near-term signals of strength, like low leverage and solid support levels.
- With likely policy shifts ahead and cautious positioning in futures, K33 sees more upside potential than risk of another major collapse.
Top Stories
