Shiba Inu's Price Plummets 7% After 35% Surge

Shiba Inu's price has taken a dramatic U-turn after a strong showing in the crypto market. Just one day after surging by over 35% and reclaiming levels not seen in two months, SHIB has dropped by more than 7%, currently trading around $0.0000050 as of July 27.

The sudden decline comes on the heels of a massive 25% drop in Shiba Inu's open interest, which fell from 13.38 trillion SHIB to 10.13 trillion SHIB within the last 24 hours, according to Coinglass data.

This bearish trend suggests that many traders either closed positions to lock in profits following the rally or were forced out as the market reversed.