Shiba Inu Sees 3.5% Drop in Open Interest as Price Consolidates
Shiba Inu (
$SHIB ) has experienced a notable dip in open interest over the past 24 hours, signaling a slowdown in trading momentum. As the price enters a consolidation phase, SHIBāalong with other major cryptocurrenciesāfaces moderate market volatility.
According to data from CoinGlass, Shiba Inuās open interest has declined by 3.5%, falling to 19.18 trillion SHIB in total futures positions. This equates to approximately $299 million at the current market price, marking a clear drop from the previous day's figures.
Such a decrease in open interest typically indicates that traders are either exiting their positions or hesitating to open new onesāoften driven by uncertainty, fading confidence, or a lack of strong price movement.
$SHIB Price Drops 5.2% as Trading Volume Plummets, But Long-Term Momentum Holds
As expected, the downturn in Shiba Inuās futures market has started to weigh on its spot price. At the time of writing, SHIB is trading around $0.00001414āmarking a 5.2% decline over the past 24 hours. Trading volume also took a significant hit, dropping by over 32% to $361 million, a sign that investor interest is cooling in the short term.
Despite the recent dip,
$SHIB remains up 3.5% over the past week and 32.9% over the past month, suggesting the asset is currently in a consolidation phase. If volume begins to pick up again, it could pave the way for a renewed rally.
The drop in open interest and price comes amid a broader market pullback, with Bitcoin and major altcoins also facing moderate declines.
Meanwhile, the Shiba Inu team remains optimistic. They recently reassured the community that SHIB is on track to set new records this market cycle, citing strong fundamentals and growing ecosystem support.
Shiba Inu Holder Predicts 800% Rally Amid Surge in Burn Activity
A member of the Shiba Inu community, known as a Shibizen, has predicted that SHIB could soar by 800%, mirroring its explosive gains during the 2021 bull run. This bold forecast comes as burn activity within the SHIB ecosystem sees a notable uptick.
Shiba Inuās burn mechanism plays a crucial role in its deflationary strategy, aiming to reduce the token's circulating supply. By intentionally decreasing supply, the goal is to boost demand and potentially drive SHIBās value higher over time.
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