Shiba Inu derivatives volume has taken a nearly 50% nosedive in the last 24 hours, according to CoinGlass data, crashing to $141.06 million. Yet, in a plot twist that would make any meme coin degen cackle with glee, open interest actually rose nearly 3% to $110.43 million during the same period. Open interest tracks the total number of futures or options contracts, essentially measuring the cash sloshing around derivatives. While other cryptos saw open interest decline, SHIB traders seem to be doubling down on their bets like it's the last dip before the moon.
At press time, SHIB is down 1.27% in 24 hours to $0.000008451 and off 2.6% weekly. This quiet spell comes as the broader market stumbles after a key U.S. crypto market structure bill stalled in the Senate, dampening the recent rally vibes like a wet blanket on a bonfire. Over $240 million were liquidated across crypto markets in the past day, with longs taking the brunt at about $180 million—classic "rekt" energy for the bullish crowd. Spot trading volume for SHIB also dipped 46.42% to $93.15 million, proving that even meme magic needs a coffee break.
Despite the activity drop, some analysts reckon the market is just hitting pause rather than reversing course. With low volumes, traders might be catching their breath to gauge the next move, like a boxer between rounds in the crypto ring. Sentiment has cooled off too—the Crypto Fear & Greed Index slid back to neutral at 50 after flirting with "greed" earlier this week, turning the collective mood from "YOLO" to "meh." Beyond crypto, stocks rebounded as jobless claims beat expectations, but the real action waits for next week's personal consumption expenditures index, the Fed's go-to inflation tracker—because nothing says "excitement" like macroeconomic data.
