Shiba Inu Open Interest Faces 11,350,000,000,000 SHIB Twist

Shiba Inu open interest has seen a sharp fall in the past day, suggesting new selling on the market. Data from CoinGlass shows that SHIB futures open interest dropped by 10% in 24 hours to $156.58 million. This equals about 11.35 trillion SHIB within the period, marking a supply twist for the token. The decline has raised concerns that traders are closing positions as market uncertainty increases.

Shiba Inu futures declines spread across key exchanges

The fall in Shiba Inu open interest was seen across major trading platforms. OKX, which accounts for around 12.42% of the SHIB futures market, recorded a 6.57% decline in the past day. This brings its total open interest to $19.46 million, or 1.49 trillion SHIB. 

In the last four hours alone, the exchange saw a further 7.96% drop, showing that the pace of selling is increasing.

KuCoin, the second-largest holder of SHIB futures in the figures reviewed, saw an even bigger drop. Its open interest fell by 11.17% over the past 24 hours to $7.43 million, or 567.42 billion SHIB. 

The exchange also saw a 5.91% decline in the last four hours, adding to short-term pressure.

This broad pullback in SHIB open interest shows traders are being more cautious, reducing risk as prices face more volatility.

Small recovery, but overall sentiment still weak

It is worth noting that there was a slight sign of recovery in the past hour, with total Shiba Inu open interest hinting at a positive shift.

This could suggest that some traders are testing short-term positions. Notably, the wider trend points to weaker sentiment, with many futures positions already closed.

The drop comes after one of the busiest trading periods in recent weeks. Data from IntoTheBlock showed that large holders moved 40% more SHIB than the previous day. 

At the same time, Lucie, the SHIB community’s marketing lead, responded to critics on social media and said Shiba Inu could one day return to a $30 billion market cap.

For now, the decline in Shiba Inu open interest remains a sign of caution. Without stronger buying activity, SHIB may continue to face pressure in the days ahead.