13,070,000,000,000 SHIB in 24 Hours: Shiba Inu OI May Flip Soon

The Shiba Inu derivatives market has seen a mild pullback as its open interest is currently down but has only slipped 0.93% over the last 24 hours.

While this downturn in Shiba Inu’s futures activities has also extended to its trading price, Shiba Inu is currently trading in the red.

Nonetheless, traders have maintained resilience, as the open interest volume as of Jan. 16 still stands at a massive 13.07 trillion, according to data from Coinglass.

Shiba Inu potential outlook 

With the mild decrease in the metric, it appears that traders are not entirely bearish, as the current open interest volume, which is worth about $108.89 million, suggests that the market is still very active and sentiment may flip soon.

Over the last day, Shiba Inu on-chain activity suggests that traders are not aggressively positioning in one direction, as they are split between bullish and bearish expectations, causing the metrics to appear quite dormant.

Amid the slow futures market, Shiba Inu has declined by 3.08% over the last 24 hours, trading at $0.000008182 as of writing time. While this has flashed signs of short-term weakness, its trading volume has slid by over 40% to about $93.49 million.

Gate.io leads Shiba Inu futures market 

While Shiba Inu has seen traders actively commit their tokens across several major derivatives platforms, Gate.io has led the market with the strongest participation from its users.

The data further revealed that Gate.io accounts for 39.13% of the total open interest, which stands at 5.22 trillion SHIB, worth about $42.61 million.

Furthermore, OKX followed with 1.37 trillion SHIB, accounting for 10.3% of the total open interest.