SHIB in Bear Mode, Open Interest Down 24.59% in 24 Hours

Shiba Inu Faces Significant Decline in Open Interest as Crypto Market Uncertainty Grows

The recent crypto market dynamics reveal fading momentum, with major cryptocurrencies experiencing high volatility. Shiba Inu (SHIB), the popular dog-themed meme token, has also been caught in this downward trend.

Data from Coinglass shows Shiba Inu's open interest plummeted by 24.59% in just 24 hours. Total futures open interest for SHIB now stands at 12.25 trillion SHIB, valued at approximately $172.61 million—levels not seen in nearly three weeks.

This sharp drop in SHIB's open interest highlights a clear shift in market sentiment, accompanied by waning trader enthusiasm. Investors closely watch this metric as it serves as a key indicator of a cryptocurrency's potential performance.

The negative trend has directly impacted SHIB's price. According to CoinMarketCap, Shiba Inu has fallen 6.63% in the past day, currently trading at $0.00001313.

This decline aligns with broader crypto market uncertainty, where Bitcoin and leading altcoins face significant downturns. While Shiba Inu boasts a strong community and ongoing ecosystem developments, the shrinking open interest raises concerns among investors. If this trend persists, it could signal a bearish phase for SHIB, potentially leading to substantial losses for holders.