Saad Ullah
Shiba Inu (SHIB) is cooling off after recent gains, with traders pulling back and open interest dropping significantly in the past day.
SHIB Price Takes a Breather After Strong Monthly Run
Shiba Inu has hit a rough patch, dropping 5.2% to around $0.00001414 in the last 24 hours. Trading volume took an even bigger hit, falling 32% to $361 million as investors seem to be stepping back from the meme coin.
But here's the thing - SHIB isn't exactly in trouble. The token is still up 3.5% this week and has gained a solid 32.9% over the past month. This looks more like traders taking profits after a good run rather than any major problems with the project itself.
SHIB Open Interest Shows Traders Getting Cautious
The numbers from CoinGlass tell an interesting story. SHIB's open interest dropped 3.5% in just one day, leaving total futures positions at 19.18 trillion SHIB tokens - that's about $299 million worth.
When open interest falls like this, it usually means traders are either closing their bets or just not feeling confident enough to make new ones. It's pretty common when a coin enters what crypto folks call a "consolidation phase" - basically when the price takes a break from big moves.
The pullback isn't happening in isolation either. Bitcoin and most other major cryptos are seeing similar weakness, suggesting this is more about the overall market mood than anything specific to SHIB.
SHIB Price Could Still Surprise Bulls
Despite the current slowdown, the Shiba Inu team remains bullish about where things are headed. They've been telling investors that SHIB is set to break some serious records in this market cycle.
One community member called Shibizens even threw out a bold prediction - an 800% rally similar to what happened during the crazy 2021 bull run. That might sound wild, but remember, SHIB has pulled off some pretty spectacular moves before.
The project's burn mechanism is also picking up steam. This strategy permanently removes SHIB tokens from circulation, which should theoretically make the remaining tokens more valuable as supply shrinks. It's a long-term play that could pay off big if it works as intended.
Right now, SHIB looks like it's just catching its breath after a decent run. If trading volume picks up again, we could see another leg higher. But for now, it seems like the market is content to wait and see what happens next.
Saad Ullah
