The pattern is consistent with traditional markets where outsized gains in meme stocks relative to defensive plays are seen as a contrary indicator for the broader market. Bitcoin, the leading cryptocurrency by market value, has traded dead flat near $30,000 this month amid the SHIB rally, CoinDesk data show.

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• Source: https://www.coindesk.com/markets/2023/08/12/shiba-inu-open-interest-tops-100m-raises-red-flag-for-bitcoin/?utm_medium=referral&utm_source=rss&utm_campaign=headlines