Shiba Inu Open Interest Faces Drawdown as Price Enters Consolidation

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.