‘Dogecoin (CRYPTO: DOGE) Killer’ Shiba Inu (CRYPTO: SHIB), burn rate soared by 450% in the last 24 hours. 

What Happened: Over 146 million SHIB tokens were permanently removed from circulation.

As reported by Shibburn, a Shiba Inu burn tracking service, this massive reduction featured one transaction eliminating over 100 million SHIB. 

During the weekend, the buzz around Shiba Inu extended to the crypto derivatives market, reaching an Open Interest (OI) of $18 million. According to data from Coinglass, a blockchain analytics firm, Jan. 20, marked a new high for the year in SHIB’s Open Interest-weighted funding rate as the token traded around $0.00000940.

See More: Dogecoin HODLERs Are Beating Shiba Inu With 57% Landing In Profits, IntoTheBlock Data Reveals

Why It Matters: The OKX exchange led the charge in Shiba Inu derivative trades, recording an Open Interest of $7.5 million. Trailing behind were Huobi and Bitget, recording $5.04 million and $3.35 million in Open Interest, respectively. Across these platforms, the long versus short position ratio stood at 1.9753, indicating bullish sentiment. OKX’s customers displayed even greater optimism with a long versus short ratio of 2.02.

Analysis by Coinglass has validated Shiba Inu’s reputation among crypto holders on centralized exchange platforms (CeFi) as a preferred long-term investment.

Price Action: At the time of writing, SHIB was trading at $0.000008949, down 3.45% in the last 24 hours, according to Benzinga Pro.

Read Next: Here’s How Much You Should Invest In Shiba Inu Today For A $1M Payday If SHIB Hits 1 Cent?

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