Shiba Inu (SHIB) investors, in the last 24 hours, have locked a total of 10.71 trillion SHIB in open interest as the meme coin continues to witness volatility. The recent market dynamics show SHIB’s price has dipped by over 3% within this time frame.
SHIB price slips, but futures interest remains strong
As per CoinGlass data, the open interest reveals that investors have committed $129.51 million in fiat to lock 10,710,000,000,000 SHIB. This is occurring as general market volatility continues to prevail on Bitcoin and altcoins.
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The dog-themed meme coin remains in the red zone as the price has dropped significantly. As of this writing, Shiba Inu exchanges at $0.00001138, representing a 3.32% decline in the period under consideration.
Meanwhile, trading volume remains significantly high by 58.65% at $131.56 million. This indicates that traders continue transacting, possibly in a huge sell-off or accumulation at the reduced price.
Despite the increased volatility, Shiba Inu investors have committed approximately $130 million to the meme coin’s futures. The reduced amount compared to previous activities of investors suggests fading enthusiasm on the part of SHIB traders.
At the current setup, more than half of the open interest was held by traders on the Gate.io exchange. These investors account for 54.83%, or 6.24 trillion SHIB, valued at $71.02 million. Bitget and OKX are two other notable trading venues where 1.75 trillion SHIB and 1.23 trillion SHIB were committed, respectively.
Shiba Inu key support zone under threat
Amid this price stagnation, Shiba Inu investors have their eyes fixed on the $0.000011 price level. Notably, this price has been identified as a crucial support for the meme coin, as about 222,450 addresses accumulated 43.8 trillion SHIB tokens at this price.
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If SHIB plunges further or threatens to breach this critical support, investors looking to cut losses could massively sell off the ecosystem.
In the meantime, Shiba Inu remains resilient, battling market volatility and staying ahead of other altcoins, such as Litecoin, in market capitalization.
