SHIB Open Interest Slumps to $37.3M, Far Below the $50M Traders' Benchmark

Futures Turnover Outruns Spot Demand

Open interest in Shiba Inu (SHIB) derivatives has thinned to about $37.3 million, a reading that sits far below the $50 million threshold traders treat as a gauge of market health, derivatives data shows. The contraction points to plain deleveraging: fewer leveraged positions remain open, and the ones still live are doing most of the work. Turnover over the last 24 hours makes the imbalance explicit, with futures volume reaching $49.3 million against spot volume of just $10.8 million, so most recent movement came from leveraged bets rather than genuine buying. When open interest shrinks while futures turnover stays elevated, traders are churning leverage rather than adding conviction, a pattern that usually accompanies fading interest rather than accumulation. Forced closure has drained the book as well. Roughly $20 million in positions were liquidated across the same 24-hour span, of which longs absorbed about $12.9 million and shorts roughly $7 million. Skew adds a further caution. Long-to-short ratio data puts the reading at 2.71, meaning the crowd is positioned for upside even as the trend points down, and in a falling tape that concentration becomes a liability because heavily stacked long positions can be closed by force as price slides, deepening the decline. The measurement window for the open-interest total was not stated, though the volume and liquidation figures are 24-hour sums. The Shiba Inu (SHIB) price itself trades near $0.00000487 at the time of writing, up 0.4% from the level recorded in the latest snapshot at 03:55 UTC on Thursday yet still down 2.0% over the last 24 hours, so the intraday bounce has not changed the larger picture. The memecoin trades almost entirely on sentiment and leverage cycles, and its derivatives base now sits roughly a quarter below the benchmark line.

The chart record explains how the market arrived here. Shiba Inu (SHIB) peaked near $0.0000062 on the daily candlestick chart in late September and has made lower highs since, losing 3.53% over the past week, 16.44% over the past month and 28.3% since the start of the year. Every major moving average now sits above the price. The first resistance band lies near $0.0000052, a second line follows at about $0.00000523, and the long-term average near $0.00000555 hangs far overhead, a measure of how far the trend has weakened. Support is closer at hand. The recent low near $0.00000476 has held for several days, and the current quote sits only a step from the 2026 low tracked in earlier coverage. Spot order flow, though, has leaned the wrong way, with net selling across the past hour and the past four hours, while futures flows pointed to a modest short-term outflow. If $0.00000476 gives way, the same reading puts open interest below $37 million and drags the price toward $0.0000045, with $0.0000043 the next band beneath that. Momentum leaves room for that move: the relative strength index sat near 40 in the latest snapshot, weak but not oversold, so the market is not yet read as stretched. Recovery has one route in this framework: a close back above $0.0000052 on rising volume, which would be the first constructive signal. Until then, shrinking open interest and thin spot demand describe a market running on leverage alone. Pressures now span the wider Shiba Inu ecosystem too: a recent single-day window pushed the burn rate up 428,862%, and one exchange-flow reading logged a 95.68 billion token net outflow from exchanges. The full set of support and resistance levels for the asset is tracked on our SHIB technical analysis page.

The strongest resistance band in our composite scoring carries 100 out of 100, formed where the 20-, 50- and 100-day exponential averages converge with the 200-day simple average, while the nearest support below the market scores 65 out of 100. Positioning is calmer than the tape: the perpetual funding rate reads 0.0032%, a mildly positive tilt, and the Fear and Greed Index stands at 51, neutral. Momentum is not calm, with our relative strength index at 37.96, down from the 40 recorded earlier in the session. Spot price near $0.00000487 leaves the market roughly 2% above the $0.00000476 floor. The $37.3 million open-interest snapshot, taken with no stated measurement window, remains the figure that decides whether the deleveraging deepens or the $0.0000052 reclaim arrives first.