Shiba Inu Price Rally Fades as Futures Open Interest Plummets

The Shiba Inu (SHIB) price rally has faded as futures open interest fell by 25 percent over the past 24 hours.

According to CoinGlass data, open interest in the SHIB futures market dropped sharply from July 26 to July 27, cooling enthusiasm among derivatives investors.

The price of SHIB surged on July 26, climbing to around $0.0000057 at one point, but failed to sustain momentum and retreated by over 7 percent to trade at $0.0000050 as of July 27.

The decline in open interest suggests that some traders may have taken profits after the rally or that leveraged positions were liquidated during the price reversal.