Shiba Inu (SHIB) has experienced a decrease in open interest over the last 24 hours, showing a 0.25% decline. Despite this, a notable 14.03 trillion SHIB has been committed by investors in the futures market for this meme coin.
Whale Activity Sparks Concerns of Potential Sell-Off
According to CoinGlass data, this volume represents approximately $181.63 million at current market prices. Open interest indicates all the outstanding contracts for Shiba Inu that are yet to be settled, suggesting that market activity persists despite volatility as participants speculate on future trends.
A price change could greatly affect the 14.03 trillion SHIB held. Currently, Shiba Inu is trading at $0.00001210, reflecting a 1% decrease over the last 24 hours. Earlier sessions witnessed a peak trading price of $0.00001241 prior to this recent decline.
Meanwhile, the trading volume has dropped by 9.89% to $241.57 million within the same period, likely due to whale movements in the ecosystem. Market whales have deposited 84.9 trillion SHIB onto exchanges, indicating potential massive selling ahead.
Additionally, broader market conditions have affected SHIB, leading to a price rejection at $0.000013, despite increased burn efforts to stabilize prices within the ecosystem.
Will August Defy Expectations for SHIB?
Nonetheless, the concentration of 14.03 trillion SHIB suggests that traders are hopeful the meme coin will retain most of its gains from the past 30 days. This perspective reflects bold optimism, considering historical data shows August has typically been challenging for the dog-themed meme coin.
In previous years, Shiba Inu has struggled to achieve significant price breakout during this month, and starting August on a weak note does not bode well. Furthermore, without a catalyst to spark a rally, Shiba Inu’s forthcoming performance will be closely watched by market participants.
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