SHIB Dives to 7-Day Low as Derivatives Activity Hits New High
Shiba Inu's price has been on a decline for seven consecutive days, reaching $0.00000450 on Wednesday. This marks a nearly 23% drop from its August high of $0.00000583 and is approximately 34% below the June peak of $0.00000671.
Despite the persistent decline, activity in SHIB's derivatives market remains strong, with an increase in open interest suggesting that speculative traders are still interested in the token. The perpetual futures open interest has decreased by 2% in the last 24 hours but stands at $50.35 million, approximately 81% above the July low of $27.8 million.
Rising open interest can be a sign of increased market volatility and leveraged liquidations. However, a decrease in the open-interest-weighted funding rate from 0.0082% to 0.003% on Wednesday may indicate that retail traders are reducing their long exposure in the market.