The sharp decline witnessed in the SHIB trading price has also extended to its derivatives market as data from CoinGlass shows a notable decrease in its open interest over the last 24 hours.
With the data showing that SHIB futures open interest has plunged by 2.19% in the last 24 hours, the declining momentum flashes signals of new selling pressure on the market.
15,660,000,000,000 SHIB committed as bulls relent
Following the decline in SHIB’s derivatives activity, the leading dog-themed meme coin has seen only 15,660,000,000,000 of its tokens committed to open interest in the last day. This is worth $198.48 million per SHIB’s trading price during the period.
After multiple days of high price rallies, it appears that uncertainty is gradually stepping into the crypto market, with sudden price reversals sparking fears and doubts among market participants.
As such, the negative market trend has seen the total amount of money invested in Shiba Inu derivatives over the last day decrease substantially, suggesting reduced optimism and interest among investors.
While investors are still resilient on their bullish sentiments for the “Uptober” rally, they have shown less worry about the sharp reversal in SHIB’s on-chain activities as they believe it is only a brief response to the broader market headwinds; this suggests that the asset will be back on the positive trail in the near term.
With the negative trend reflecting on SHIB’s trading price during the period, data from CoinMarketCap shows that Shiba Inu has recorded a modest decline of 0.09% in the last 24 hours, trading at $0.00001245 as of press time.
Nonetheless, the fall in Shiba Inu open interest has expanded across major trading platforms, with Gate.io seeing a higher decrease of 4.21% in the metric as it accounts for nearly half of the total SHIB futures market.
Coinbase, on the other hand, has seen its SHIB derivatives activity remain on the positive side. While it accounts for only 0.34% of the SHIB derivatives market, the SHIB open interest volume on the U.S crypto exchange has surged by 1.54% over the period.
