Shiba Inu Open Interest Faces Drawdown as Price Enters Consolidation
Main Idea
Shiba Inu (SHIB) open interest has decreased significantly, indicating fading momentum and consolidation, though some community members remain optimistic about a potential rally.
Key Points
1. Shiba Inu open interest decreased by 3.5% over the past 24 hours, totaling 19.18 trillion SHIB (approximately $299 million).
2. SHIB price declined by 5.2% in 24 hours, with trading volume dropping over 32% to $361 million, signaling reduced investor interest.
3. Despite recent declines, SHIB is still up 3.5% weekly and 32.9% monthly, suggesting consolidation and potential for a rally if volume recovers.
4. A Shiba Inu community member predicted an 800% rally, reminiscent of the 2021 bull run, based on the coin's deflationary burn mechanism.
5. The SHIB burn mechanism aims to reduce circulating supply, potentially increasing demand and value over time.
Description
Shiba Inu price in drawdown mode as crucial metrics show strained market shift
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