At the time of writing, futures open interest for Shiba Inu fell about 11% to roughly $75.7 million, and a steep price drop pushed SHIB near $0.0000062, as reported by CoinGecko. Traders and holders are asking “Is SHIB over?” as derivatives demand weakened and on-chain selling rose.
Futures flow plunged about 193%, indicating traders exited leveraged positions rather than adding new exposure. The open interest contraction reflects a sizable pullback in speculative funds.
The broader crypto sell-off liquidated billions of dollars in leveraged positions and deepened the price slide. On-chain data show large holders sold tens of billions of tokens since late January, increasing spot-market pressure.
Liquidity drained quickly, pushing traders out faster than newcomers arrived (Ed. note: sharp open interest drops often accompany capitulation phases). Market mood turned more risk-off, which amplified bearish narratives.
Some short-term price models still suggest recoveries in oversold areas, and traders note a comeback is possible. Restoring stability likely requires time, renewed liquidity, and returning derivatives demand.
