Shiba Futures Snooze: Open Interest Slides 8.6% as Bears Sniff the Bone

Shiba Inu’s open interest took a nosedive, shedding 8.59% in the past 24 hours, according to CoinGlass data from Saturday, Feb. 28. Roughly 10.59 trillion $SHIB tokens that were parked in the futures market have now retreated, signaling a clear bearish turn after a brief price breakout – like a Shiba that just lost its favorite chew toy.

The price itself followed suit, slipping 5.28% over the same period to $0.000005536 (CoinMarketCap). That dip helped trigger over $503 million in futures liquidations in the last day – an 84% jump versus the prior window. Longs bore the brunt, losing about $362 million after betting on further upside, essentially getting a haircut they didn’t ask for.

Coinbase traders appear the least enthusiastic. Only 15.46 million $SHIB are currently staked on the exchange