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Shiba Inu (SHIB) has seen a decline in open interest in the last 24 hours with about 0.25% slump in the red zone. Amid this, a massive 14.03 trillion SHIB have been committed by investors on the futures market of the meme coin.
Whale activity sparks concerns of potential sell-off
As per CoinGlass data, this volume is worth about $181.63 million at current market value. Notably, SHIB’s open interest refers to all the outstanding contracts for Shiba Inu that have not been settled. The figure indicates that despite market volatility, the market remains active as participants bet on future outcomes.
Any price shift at this time could impact the 14.03 trillion SHIB. As of this writing, Shiba Inu was changing hands at $0.00001210, representing a 1% decline in the last 24 hours. The meme coin was trading at a peak of $0.00001241 in earlier trading sessions before its recent drop.
Meanwhile, trading volume has also declined by 9.89% to $241.57 million within the same time frame. The pullback in trading volume might be a result of whale activity in the ecosystem. Market whales have deposited 84.9 trillion SHIB on exchanges, suggesting massive selling ahead.
Additionally, broader market sentiments have also impacted SHIB, resulting in a rejection at $0.000013. This is despite the increased burn activity meant to stabilize the price in the ecosystem.
Will August defy expectations for SHIB?
However, the 14.03 trillion in the spotlight suggests that traders are optimistic that the meme coin would not wipe out all gains achieved in the last 30 days.
This is bold optimism, going by historical data. August has always been an odd month for the dog-themed meme coin.
Shiba Inu has never attained a massive price breakout in the month, and entering it on a weak footing does not help. Additionally, SHIB has no catalyst to trigger a rally at the moment. How Shiba Inu performs will be of interest to market participants moving forward.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team