Shiba Inu Range Tightens As Open Interest Slips

Shiba Inu has just sent a signal on the memecoin market: a price rebound that does not restart the derivatives machine. Over 24 hours, SHIB gains, but open interest falls, a sign of a shrinking appetite where conviction is measured fastest. In other words, the spot breathes while futures positions close.

Price rebound : withdrawal of futures positions

While Shiba Inu prepares its comeback after a difficult 2025, data indicate a worrying setup for derivatives traders: the spot breathes, but conviction does not rise among open positions. In other words, we see a price increase not accompanied by a return of appetite for futures contracts.

This divergence is visible on very short market data (24 hours) and raises a simple question: is it a technical rebound driven by spot activity, or a movement already losing steam due to lack of futures operator support? The information reports the extent of the gap between price evolution, trading intensity, and contraction of open interest.

• Shiba Inu’s open interest “fell by 5%, while 9.9 trillion SHIB, worth $62.79 million, were involved in the movement” ;
• The price moved from a low of $0.000006066 to a daily high of $0.000006486 ;
• Currently, SHIB “trades at $0.0000060,” representing “a 0.61% increase” over the period ;
• SHIB volume “also jumped 36.5% to reach $141.48 million,” and the movement is linked to a context where bitcoin “rose more than 4%”.

Where are the bullish investors positioned ?

“The majority of traders positioned bullish on SHIB concentrate on the Gate exchange: the platform accounts for 35.11% of total open interest on Shiba Inu, with $22.05 million committed on futures contracts”.

Behind that, three platforms also hold a significant share of activity : LBank (14.63%), OKX (14.08%), and Bitget (10.41%). This distribution reveals a concentration of exposure on a few venues, a factor to watch when liquidity and sentiment reorganize quickly on memecoins.

Substantively, this caution is linked to technical fragility and flows to exchanges. SHIB “failed to break through the 26-day exponential moving average (EMA),” a barrier described as a brake keeping the asset “stuck in a broader downtrend,” with a structure of “lower highs and lower lows.”

Additionally, “549 billion SHIB were transferred to various exchanges” over the week, an influx that “raised bearish concerns” around a risk of selling. A reversal in open interest trend “could help ease those concerns,” as operators await a clearer signal before leveraging up.

Between spot rebound and caution on derivatives, the signal remains mixed. As long as open interest does not recover, Shiba Inu price risks lacking momentum to sustain the move. The coming days will tell if traders return to futures or if it was just a brief surge quickly absorbed by the underlying trend.