$SHIB $SHIB 🤔🤔🤔🤔🤔🤔🤔

SHIB’s open interest just shed over $100 million in days, marking one of its steepest pullbacks since mid-July, after briefly peaking at $328 million. With Shibarium’s TVL dwindling and broader memecoin sentiment cooling, traders are questioning whether burns alone can reignite momentum.

Summary

Shiba Inu price fell nearly 9% this week amid a $100 million drop in open interest.

Shibarium’s total value locked sank to $1.76 million, down over 70% from late 2023.

The memecoin’s reliance on token burns is being tested as market preferences shift toward utility-driven projects.

On July 30, Shiba Inu’s (SHIB) price slid to $0.00001266, marking a nearly 5% drop in 24 hours and extending its weekly losses to 9%. The decline coincided with a sharp $100 million withdrawal from SHIB’s open interest, a key metric tracking active derivatives positions, as traders rapidly unwound bets on the memecoin’s near-term upside.

Data from Coinglass reveals open interest plummeted from $328 million on July 22 to just $206 million, signaling one of the most aggressive pullbacks since mid-July. Meanwhile, Shibarium, the layer-2 network meant to bolster SHIB’s utility, saw its total value locked sink to $1.76 million, a fraction of its late-2023 peak.