Bitcoin, Chancer price outlook as Shiba Inu open interest surpasses $100 million

Shiba Inu (SHIB) traded 7% higher on Saturday morning, a 24-hour return that outpaced the 0.1% for the flagship cryptocurrency Bitcoin (BTC). Meanwhile, the Chancer presale is inching closer to the next stage with nearly $1.3 million raised so far. 

Here we look at the spike in Open Interest (OI) for Shiba Inu and what that could mean for Bitcoin – with an outlook for Chancer as a new exciting project.

Shiba Inu rallies as Bitcoin stalls below $30k

Shiba Inu is a leading meme coin, currently ranked 12^th in terms of market cap with over $6.35 billion. More than $659 million worth of SHIB has been traded in the past 24 hours according to CoinGecko data accessed on August 12, 03:30 ET.

SHIB price has increased by more than 40% in the past month, compared to -3% for Bitcoin that has come with bulls struggling to shake off bears near the crucial $30k level.

Surge in Shiba Inu open interest and potential implications for Bitcoin

As highlighted above, Shiba Inu’s performance in the past few weeks has been buoyed by the anticipation around the impending launch of Shibarium. The layer 2 protocol on the Shiba Inu chain is expected to bring more functionality to the ecosystem and move the cryptocurrency away from the largely unimpressive meme token tag.

With the Shibarium launch drawing closer, open interest in Shiba Inu has soared. Historically, a spike in OI for the top meme cryptocurrency has coincided with a struggle at a local top for BTC bulls.

Data from Coinglass shows OI in SHIB futures on the crypto exchange Binance has surpassed $114 million, up more than 33%. This has also doubled from figures recorded earlier this month and is at its highest level since early February. Elsewhere, Bitcoin remains in a tight range near the increasingly tough hurdle at $30k, even as market analysts point to incoming volatiity.

But notably, previous occasions where SHIB open interest has jumped above $100 million coincided with a retreat for Bitcoin.

If past performance repeats this time, Bitcoin could yet dip to recent lows. On the other hand, inflows into other coins will likely aid new projects such as Chancer.

Chancer price forecast

Chancer is a new blockchain-based prediction markets project looking to revolutionise the global betting industry with a novel peer-to-peer (P2P) model. The project is still in the development phase, with the mainnet launch expected in the first quarter of 2024.

However, the game-changing platform is already seeing massive interest as can be seen via the presale of its native token $CHANCER. Promising a transparent and community-driven betting platform where control is with individual bettors and not a central bookmaker has the betting industry buzzing about Chancer.

Currently, betting and crypto enthusiasts can buy the Chancer tokens at $0.011 using ETH, BNB, USDT and BUSD. The token’s presale price will rise to $0.021 before trading starts on leading decentralised and centralised crypto exchanges.

A look at past performances of newly launched tokens suggests most surge on their trading debut and this informs the huge predictions for $CHANCER. However, past performance does not guarantee future returns and investors need to factor in this outlook when putting money into any project.

To learn more about Chancer and its P2P betting model, visit the project’s official presale page.