Shiba Inu (SHIB) has shown an unusual pattern in the last 24 hours, which is, of course, the most usual thing in the world. The meme coin’s open interest, a term as enigmatic as a Victorian novel’s ending, has slipped by 5%, as only 9.9 trillion SHIB worth $62.79 million were locked in the futures market. One might say the market is as cautious as a cat in a room full of rocking chairs.
Shiba Inu Price Uptick Fails to Reignite Futures Confidence
Notably, it appears that traders and investors remain as cautious as a debutante at a masquerade ball, despite the relief rally, which Shiba Inu is experiencing on the crypto market. A price increase, one might argue, is merely the first step in a dance that rarely ends in a waltz.
In the last 24 hours, Shiba Inu climbed from a low of $0.000006066 to a daily high of $0.000006486. As of this writing, Shiba Inu was changing hands at $0.000006100, which represents a 0.61% increase within the period. A triumph, if one is inclined to admire the minutiae of financial whimsy.
The meme coin’s trading volume has also jumped by 36.5% to $141.48 million, as active trading continues in the meme coin sector. The meme coin market recorded a rally, as Bitcoin, the leading crypto asset, surged by more than 4%. A spectacle as predictable as a Shakespearean tragedy.
An analysis of Shiba Inu’s traders shows that the greater proportion of those bullish on SHIB are on the Gate exchange. These account for 35.11% of the total Shiba Inu open interest, committing $22.05 million to the asset’s futures market. A testament to the folly of crowds, perhaps.
Other exchanges with significant activities were LBank, OX and Bitget, with 14.63%, 14.08% and 10.41% respectively. A mosaic of madness, if ever there was one.
SHIB’s Technical Weakness Weighs on Sentiment
Shiba Inu’s declining open interest remains a source of concern for investors, given the meme coin’s price struggle. As U.Today reported, Shiba Inu has been unable to break the 26-day exponential moving average (EMA). This technical barrier has seen SHIB trapped in a larger downtrend, which is, of course, the most thrilling development since the invention of the wheel.
SHIB has not been able to maintain stability as it continues to experience lower highs and lower lows dominating the price structure. A narrative as compelling as a soap opera, but with fewer plot twists.
Within the week, investors’ concerns grew when 549 billion SHIB flowed into different exchanges. The massive inflow triggered bearish concerns of more sell-off on the horizon. A warning, perhaps, from the market’s own cryptic oracle.
A reversal in the declining open interest figures could help address these concerns as traders hope to take advantage of the current rally. One can only hope the market’s capriciousness is as entertaining as a Wildean epigram.
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2026-02-26 18:03