Traders Lock 10.71 Trillion SHIB in Futures Amid 3% Price Dip
Shiba Inu investors have locked 10.71 trillion SHIB tokens in futures open interest over the past 24 hours, committing roughly $129.5 million amid a 3.32% price decline. Despite heightened volatility, trading volume rose 58.65% to $131.6 million, suggesting continued active positions possibly for accumulation or sell-offs. Gate.io leads with 6.24 trillion SHIB (54.8% of OI), followed by Bitget (1.75 trillion) and OKX (1.23 trillion). The critical support level at $0.000011, where 222,450 addresses hold 43.8 trillion SHIB, is under watch—its breach could trigger a major sell-off. Overall futures interest remains strong but hints at waning enthusiasm compared to earlier spikes.
Neutral
While a 3.32% price drop suggests short-term bearish pressure, the substantial $129.5 million futures open interest reflects ongoing commitment from traders to SHIB. High trading volume alongside locked positions indicates both accumulation and hedge strategies. The critical $0.000011 support level, backed by large on-chain holdings, adds a conditional bullish buffer unless breached. Similar past events—like large meme-coin open interest buildup before reversals—point to neutral market sentiment until a clear break of support or sustained buying emerges. Traders should watch support dynamics for directional cues in both short and long term.