Shiba Inu Price Stagnates Amid Declining Futures Open Interest

Shiba Inu (SHIB) has seen its recent rally stall, with its price retreating from the August 9 high of $0.000014 to $0.000032. This pullback coincided with Bitcoin’s (BTC) drop from an intraday high of $62,000 to below $60,000, highlighting a broader market correction.

An analysis of Shiba Inu’s trading volume reveals a subdued demand in recent days. In the spot market, the cryptocurrency recorded a 24-hour trading volume of $321 million—a modest figure for a token with a market capitalization of $8.2 billion. By comparison, Floki (FLOKI), with a market cap of $1.2 billion, posted a similar 24-hour volume of $320 million, while Pepe (PEPE) and Dogwifhat (WIF) outperformed with volumes of $1.7 billion and $1 billion, respectively.

A similar trend is evident in the futures market. Data from CoinGlass shows that Shiba Inu’s open interest has significantly declined, falling to $22 million on August 9 from a July peak of $53 million. This figure is a sharp drop from the March high of over $114 million. The majority of Shiba Inu’s futures open interest is concentrated on OKX, one of the leading centralized crypto exchanges. However, unlike major cryptocurrencies such as Bitcoin, Shiba Inu’s open interest on other prominent exchanges like Binance, Bybit, and Deribit remains untracked by CoinGlass.

The fading interest in Shiba Inu among traders is underscored by its price performance, which is currently about 70% below its March peak and 85% off its all-time high. This decline mirrors the trajectory of Dogecoin (DOGE), which has seen its valuation plummet from nearly $90 billion to $15 billion.

Other aspects of Shiba Inu’s ecosystem are also struggling. Shibarium, the network’s layer-2 solution, has garnered only $1.2 million in assets, while the total value locked (TVL) in Shibaswap has dropped to $17.45 million.

Despite these challenges, there is a glimmer of hope for SHIB holders. The token appears to be forming a falling wedge pattern on the weekly chart, which could indicate a potential bullish breakout later this year.

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