Crypto markets extended overnight losses, with most digital assets heading lower early Thursday. The early January rebound on the crypto market cooled, even as the broader risk backdrop stayed supportive, with growing bets on Federal Reserve rate cuts.
Shiba Inu was not left out of the bearish market activity, with price and other key metrics falling.
At press time, SHIB was down 4.16% in the last 24 hours to $0.000008573. In line with this price drop, Shiba Inu open interest, which refers to the number of unsettled positions on the derivatives market, has crashed over 21% in the last 24 hours.
According to CoinGlass data, Shiba Inu open interest has fallen 21.11% in the last 24 hours to $109.97 million.
What comes next?
Shiba Inu saw two days of sharp increases on Jan. 4 and 5, which culminated in a high of $0.00001017 before price retreated.
The dog cryptocurrency is entering its third day of dropping since Jan. 5, with the drop also coinciding with a decline in open interest.
It should be recalled that at the start of 2026, before Shiba Inu embarked on a 35% surge, open interest also skyrocketed in a similar manner, rising as much as 20%.
With the drop in open interest, the market closely watches where Shiba Inu heads next. The focus is on the daily MA 50, currently at $0.000008, to see if Shiba Inu would convert this level, which was previously resistance into support.
If this is achieved, Shiba Inu will aim for the $0.00001 level once again, removing a zero from its price tag.
This week, the markets are anticipating more economic data: Thursday morning brings the weekly initial jobless claims, and the Bureau of Labor Statistics’ nonfarm payrolls report is expected on Friday at 8:30 a.m. ET. The data will be useful to gain additional context on the state of the labor market, with the Fed’s January FOMC decision approaching.
Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to
Disclaimer.
Related Articles
Shiba Inu Exchange Inflows Near 200B as Selling Pressure Builds
Shiba Inu's exchange inflows are nearing 200 billion SHIB, signaling a shift in investor behavior amidst rising reserves of 80.74 trillion SHIB. Despite a slight increase in network activity, weak price momentum and significant liquidations indicate ongoing market imbalance, prompting traders to closely monitor inflow trends for potential price impact.
CryptoFrontNews5m ago
SEC: Shiba Inu (SHIB) Not Security, Ripple's Chris Larsen Injects 261 Million XRP Into $1 Billion Evernorth, BTC Price Reacts to Fed's Decision — Top Weekly Crypto News - U.Today
XRP-based institutional giant to hit $1 billion
SEC clears SHIB regulatory status
Bitcoin reacts to Fed's latest rate decision
XRP's rising support forms near $1.53
XRP-based institutional giant to hit $1 billion
New SEC S-4 filing reveals SBI Holdings paid $10/share as Ripple's Chris
UToday9h ago
Shiba Inu Listed on Walmart Majority-Owned Fintech Platform - U.Today
Shiba Inu is now available on OnePay, a U.S. fintech platform, alongside other cryptocurrencies. This follows recent regulatory clarity from the SEC, classifying Shiba Inu and similar assets as non-securities. Despite these developments, SHIB's trading volume and price have declined.
UToday14h ago
