Shiba Inu OI Falls 6% as Price Fails to Recover

Shiba Inu continues to see rising uncertainty across its spot and derivatives market as its recent weak price move has fueled a negative trend in its futures activity.

While the Shiba Inu derivatives market has failed to show any sign of recovery, sentiments are turning extremely bullish, and futures traders appear to be increasingly closing existing positions as they begin to lose faith in $SHIB’s price potential.

$SHIB futures traders exit market

According to data from CoinGlass, the Shiba Inu open interest has declined by 6.28% over the last 24 hours, suggesting that traders have significantly withdrawn their positions as market fear on the meme token begins to intensify.

Although Shiba Inu had seen its total active futures contracts exceed the 10 trillion range earlier this week, the consistent downturns seen during the week have pulled the total number of active Shiba Inu futures contracts down to 8.59 trillion $SHIB as of Saturday, April 4.

Since activity across the Shiba Inu spot and futures market has slowed significantly over the last day, the leading meme coin has continued to trade in the red territory.

Following the plunge in its futures activity, data from CoinMarketCap shows that it has declined by 1.5% in its price over the last day, and it is trading at $0.000005901 as of writing time.

Shiba Inu sees stalled demand

It is important to note that Shiba Inu‘s poor momentum is reflected across several major on-chain metrics as its exchange activity has also turned bearish.

Notably, the asset’s exchange netflow across major firms, including Coinbase, is currently signaling heightened sell pressure as its netflow across all supported exchanges has now increased by over 50 billion $SHIB.