Shiba Inu (SHIB) has suffered a decline in open interest over the past 24 hours, with a slump of about 0.25% in the red zone. Among this, a massive 14.03 trillion shib has been committed by investors in Meme Coin’s futures market.
Whale activity raises potential sale concerns
Follow Coinglas datathis volume is worth around $181.63 million at its current market value. In particular, Shib’s open interest refers to all unresolved contracts of Shiba Inu. This figure shows that despite market volatility, the market is active as participants bet on future outcomes.
The current price shift could affect S14.03 trillion. At the time of writing, Shiba Inu was change Hands at $0.00001210 have dropped by 1% over the past 24 hours. Meme Coin was trading at a peak of $0.00001241 in previous trading sessions prior to the recent decline.
Meanwhile, trading volume fell 9.89% within the same time frame to $241.57 million. The pullback of trading volumes may be the result of whales’ activity in the ecosystem. Market whales deposited 84.9 trillion shibes in exchange. Large sales first.
Furthermore, broader market sentiments also affected SHIB, which was rejected at $0.000013. This is despite an increase in burn activity intended to stabilize ecosystem prices.
Will August go against expectations for Shiv?
However, the 14.03 trillion in the spotlight suggests that traders are optimistic that Memecoin will not wipe out all the profits achieved in the last 30 days.
This is bold optimism History data. August has always been a strange month for dog-themed meme coins.
Shiba Inu never achieved a massive price breakout that month, and entering it on a weak scaffolding is no use. Furthermore, SHIB currently does not have a catalyst to trigger a rally. How Shiba Inu works is interested in moving forward for market participants.