Shiba Inu (SHIB) has faced a decline in open interest over the past 24 hours, raising concerns among investors. Over 14 trillion SHIB are committed on the futures market.
Volatility Data for SHIB
In the last 24 hours, open interest in Shiba Inu has decreased by 0.25%. Currently, the volume of outstanding contracts amounts to about $181.63 million, indicating sustained interest from market participants despite current volatility. At the time of writing, SHIB was trading at $0.00001210, representing a 1% decline over the past day.
Whale Activity Raises Concerns
The decline in trading volume by 9.89% to $241.57 million may be linked to whale activity within the ecosystem. A total of 84.9 trillion SHIB have been deposited on exchanges, suggesting potential for massive sell-offs. Additionally, broader market sentiments have affected the price fluctuations of SHIB despite increased token burn activities aimed at price stabilization.
Prospects for SHIB in August
Although 14.03 trillion SHIB are attracting attention, traders remain optimistic that the meme token won't lose all the gains achieved over the last month. However, August has historically not been favorable for Shiba Inu, and currently, there are no catalysts for a potential rally.
The situation surrounding Shiba Inu remains uncertain, and market participants will be keen to see how the token performs amid current volatility and the absence of clear catalysts.
