SHIB Futures Market Sees 8.9 Trillion in Open Interest as Price Action Remains Volatile

Shiba Inu (SHIB) records significant futures market activity with 8.9 trillion SHIB ($110 million) in open interest, while trading sideways amid broader market uncertainty.

SHIB Open Interest Hits 8.9 Trillion as Trading Activity Surges

The popular meme cryptocurrency Shiba Inu (SHIB) has recorded a substantial 8.9 trillion SHIB in total futures open interest, representing approximately $110 million in value. This metric, which indicates the total number of outstanding derivative contracts that have yet to be settled, demonstrates continued market interest in the dog-themed cryptocurrency despite recent price volatility.

The significant open interest figure suggests active trader participation in SHIB futures and options markets, potentially indicating increased speculative activity or strategic positioning by traders anticipating future price movements.

Shiba Inu (SHIB) Price Action Remains Subdued Amid Market Pullback

At the time of reporting, SHIB has shown minimal upward movement, gaining just 0.11% over the past 24 hours to trade at $0.00001211. However, the token experienced a more significant short-term decline, dropping 2.21% in the last hour alone.

This price action occurs as the broader cryptocurrency market retraces yesterday's gains, with many digital assets currently trading in negative territory. While SHIB managed to reach intraday highs of $0.00001244 during Thursday's trading session, these gains were subsequently erased as market sentiment shifted in response to macroeconomic concerns.

SHIB and Crypto Markets Brace for Key Economic Data and Fed Commentary

Investors in SHIB and other cryptocurrencies are closely monitoring upcoming economic developments that could impact market sentiment and trading decisions. The nonfarm payrolls report, scheduled for release on Friday, is attracting particular attention.

Economists surveyed by Dow Jones anticipate an increase of 140,000 jobs, with the unemployment rate expected to remain steady at 4.1%. This report will provide critical insights into the current state of the U.S. economy amid growing concerns about slowing economic growth.

Additionally, Federal Reserve Chairman Jerome Powell is set to deliver a speech on Friday, which market participants will scrutinize for signals regarding future monetary policy direction. Powell's comments could significantly influence risk asset markets, including cryptocurrencies like SHIB.

SHIB Community Warned of Increasing Scam Activity as Interest in Token Grows

As interest in Shiba Inu (SHIB) continues to attract new market participants, malicious actors are increasingly targeting the community with fraudulent schemes. Susbarium Shibarium Trustwatch, a dedicated Shiba Inu-focused account on X (formerly Twitter) that specializes in identifying scams, has issued an urgent warning to community members.

According to a recent tweet from Susbarium, there has been a notable uptick in fraudulent activities specifically targeting SHIB holders and enthusiasts. These scams frequently involve bad actors impersonating trusted community members, sharing fake reward links, and promoting fraudulent collections designed to steal assets from unwary investors.

The organization went on to outline five essential precautionary measures for the SHIB community to protect themselves from these threats.

Protecting Your SHIB: Essential Security Measures for Token Holders

In response to the growing threat landscape, Susbarium has recommended several critical security practices for SHIB holders. First and foremost, community members are strongly advised to verify all information sources and confirm the identity of anyone sharing links or promising rewards. Legitimate updates will only be distributed through verified accounts or established trusted channels.

Additionally, SHIB holders should exercise extreme caution regarding suspicious links, particularly avoiding those from unknown sources that promise rewards, airdrops, or other incentives that seem too good to be true.

The third crucial recommendation emphasizes wallet security. SHIB holders should never disclose private keys, recovery phrases, or any sensitive wallet information to anyone under any circumstances, regardless of how legitimate the request may appear.