The derivatives market is also showing signs of fading confidence in Shiba Inu. Recent data reveals a noticeable drop in open interest, meaning traders are closing positions and stepping away from Shiba Inu. According to data from Coinglass, Shiba Inu’s open interest across major exchanges currently stands at $54.25 million, representing a 16% decline from the $65.23 million recorded around this time last month.
The decline is even more pronounced when looking at its yearly high. Back in January, open interest was sitting at $145.40 million, which means current levels reflect a steep 63% drop since then.
