In the last day, Shiba Inu (Shib) investors have locked an impressive 10.71 trillion Siv into the market, even as the Meme Coin experiences fluctuations. Market trends indicate that Shib’s price has dipped by more than 3% in this timeframe.
Shib Prices Drop, But Futures Interest Remains Strong
According to Open Profit from Coinglass data, investors have committed $129.51 million in fiat to secure 10,710,000,000,000 Shib. This move seems to stem from ongoing volatility in both Bitcoin and altcoins.
Meanwhile, dog-themed meme coins, including Shiba Inu, are struggling as prices continue to fall. As of now, Shiba Inu is valued at $0.00001138, reflecting a 3.32% decrease during this period.
On the flip side, trading volume remains notably robust, with a 58.65% increase, reaching $131.56 million. This suggests that traders are still active—whether it’s through significant sales or accumulating at these lower prices.
Notably, despite the increased unpredictability, Shiba Inu investors have committed about $130 million to futures in the Meme Coin market. However, the dipping volume compared to earlier trends could indicate a desire among SHIB traders to scale back.
Currently, a significant portion of Open Interest is held by traders at Gate.io Exchange, accounting for 54.83%, or 6.24 trillion Siv, valued at $71.02 million. Other major exchanges like Bitget and OKX also hold 1.75 trillion Siv and 1.23 trillion Siv, respectively.
Shiba Inu’s Key Support Zone is at Risk
As prices stagnate, Shiba Inu investors are closely monitoring the $0.000011 level, identified as a crucial support level for this Memecoin. This price point is significant, as around 222,450 addresses have accumulated 43.8 trillion Siv tokens at this value.
If Shib’s price threatens to fall further or breach this critical support, it could lead to significant selling by investors looking to minimize losses.
Amid this volatility, Shiba Inu remains resilient, maintaining its market capitalization and outpacing other altcoins like Litecoin.
