Shiba Inu Holds $0.000006 Despite 7% Drop in Open Interest
Shiba Inu's price remains stable at $0.000006073 as traders pare back leverage positions. Despite a 7% drop in open interest over 24 hours, the meme coin has held key support levels while Bitcoin struggles with resistance.
Key Takeaway
SHIB futures traders are backing off, but price stability at $0.000006 suggests spot holders aren't panicking yet.
Shiba Inu's open interest dropped over 7% in the last 24 hours, leaving 9.85 trillion SHIB in active contracts as of April 19, according to CoinGlass data.
The price declined just 0.81% during the same period, trading at $0.000006073 at the time of writing. That's a modest pullback considering the sharp reduction in futures positioning — typically, big drops in open interest signal either mass liquidations or traders closing profitable bets. The meme coin remains 93% below its all-time high, per CoinMarketCap, but has managed to hold resistance above the $0.000006 mark despite the recent cooling in derivatives activity.
Bitcoin's struggle to break resistance between ₱4,301,563 ($72,000) and ₱4,480,795 ($75,000) may be limiting momentum across meme tokens like SHIB, which tend to amplify Bitcoin's broader trends. If BTC fails to push higher, enthusiasm for speculative altcoins could stay muted in the near term.
Price forecasts reflect trader caution. Changelly experts predict SHIB will trade between $0.00000582 and $0.00000615 by April 2026, averaging $0.00000599. CoinCodex sees only 2.93% growth to $0.00006141 by April 25, 2026 — hardly the kind of explosive move that typically draws fresh leverage.
Recent burn activity also hasn't offered much of a catalyst. A spike of 3.1 million tokens burned is small relative to SHIB's circulating supply, limiting any immediate price impact from supply reduction alone. The combination of sideways price action, modest burn rates, and shrinking futures interest suggests traders have stepped back after the recent rally, with open interest now standing at 9.85 trillion SHIB.
This article was written based on reporting from U.Today.
