As the recent crypto market rally cools, the leading crypto assets are showing mixed price action, and futures traders have also taken a pause, causing a decline in the Shiba Inu derivatives market.
According to data from CoinGlass, Shiba Inu's open interest has dropped by over 7% in the last 24 hours following a sudden shift in investor sentiment that saw the market flip bearish after a major price breakout.
Shiba Inu futures traders commit 9.85 trillion SHIB
Although sentiment is still bullish, the Shiba Inu futures market is severely down, showing a massive decline over the last day.
As such, only 9.85 trillion SHIB are currently sitting in active contracts as of Sunday, April 19, suggesting that traders are suddenly taking caution following the rapid price rally seen in the previous days.
With this negative trend, activity across the Shiba Inu spot market has also slowed over the last day, seeing the leading meme coin suddenly flip into the red territory.
However, its price has maintained resistance above the $0.000006 mark despite the slowed momentum, retaining decent value despite the weak trading activity.
As such, Shiba Inu has only declined modestly by 0.81% over the last 24 hours, and its price is trading at $0.000006073 as of writing time.
Shiba Inu still 93% down from ATH
Despite the tepid price surge seen in the last few days, Shiba Inu remains far from reaching its all-time high, as data from CoinMarketCap shows that Shiba Inu is still about 93% down from its all-time high.
While the asset is showing signs of a major recovery and the overall sentiment is becoming extremely bullish, market analysts are yet to predict how soon the asset could set a new price milestone.
Dan Burgin
U.Today Editorial Team
