Shiba Inu (SHIB) has shown an unusual pattern in the last 24 hours as the meme coin’s open interest keeps dropping despite a price uptick. As per CoinGlass data, Shiba Inu’s open interest has slipped by 5%, as only 9.9 trillion SHIB worth $62.79 million were locked in the futures market.
Shiba Inu orice uptick fails to reignite futures confidence
Notably, it appears that traders and investors remain cautious despite the relief rally, which Shiba Inu is experiencing on the crypto market.
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.
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%.
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.
Other exchanges with significant activities were LBank, OX and Bitget, with 14.63%, 14.08% and 10.41% respectively.
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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.
SHIB has not been able to maintain stability as it continues to experience lower highs and lower lows dominating the price structure.
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 reversal in the declining open interest figures could help address these concerns as traders hope to take advantage of the current rally.