SHIB Falls to 3-Month Low as Open Interest Drops 11% and $2.45B Liquidated
Shiba Inu (SHIB) tumbled to $0.00000617 — its lowest level since October 2023 — amid a broad crypto market sell-off. Roughly $2.45 billion in liquidations occurred over 24 hours, with about $2.27 billion from long positions and $180 million from shorts, indicating heavy forced selling. Derivatives data from CoinGlass show SHIB futures open interest fell about 11% to $75.74 million, while reported futures volume plunged roughly 193%, signalling rapid reductions in leverage and trader exposure. Thin weekend liquidity and falling spot/futures volumes likely amplified volatility and price moves. Technical indicators show the RSI nearing oversold (~30); immediate support is near $0.0000055, with resistance levels at $0.00000785, $0.00001008 (Jan 5 peak) and $0.00001047. A Shiba Inu team member noted sell-offs often follow repeatable patterns and urged community resilience rather than attempting precise timing. Traders should monitor open interest, futures volume, liquidation levels and the listed support/resistance for signs of stabilization or further downside. This summary is informational and not financial advice.
Bearish
The news points to immediate bearish pressure on SHIB. Large 24-hour liquidations (~$2.45B), overwhelmingly from long positions (~$2.27B), indicate forced selling that mechanically pushes price lower. The 11% drop in futures open interest and a roughly 193% decline in reported futures volume show traders are rapidly deleveraging or exiting positions, reducing potential buy-side support and increasing the chance of further downside in the near term. Thin weekend liquidity and low volumes amplify price moves and volatility, making rebounds less reliable until liquidity returns. Technicals (RSI near 30) suggest short-term oversold conditions that can produce bounces, but absent renewed buying or increased open interest, these are likely relief rallies rather than trend reversals. For traders, the combination of elevated liquidation risk, falling open interest, and thin liquidity implies higher short-term downside risk; longer-term outlook depends on whether fundamentals or renewed demand restore leveraged exposure and volume.