• Open interest goes down
• Volume is following OI

Shiba Inu is facing another wave of bearish pressure as derivatives activity continues to fade across the market. One of the most notable developments is the sharp decline in open interest, which has now fallen below the $30 million threshold for the first time since 2024, highlighting a significant reduction in speculative participation.

Open interest goes down

According to market data, SHIB's open interest currently sits near $32 million and has been steadily declining throughout the year. The drop comes alongside weakening price performance, with the meme coin losing more than 39% since the beginning of 2026 and nearly 64% over the past twelve months.

The technical picture remains equally concerning. SHIB recently broke down from a multi-month rising wedge formation, a pattern that often signals trend exhaustion and continuation to the downside. Following the breakdown, sellers accelerated the move lower, pushing the token toward fresh yearly lows.

The asset is also trading below all major moving averages, a classic indication that bears remain firmly in control of the trend. Attempts to recover above short-term resistance levels have repeatedly failed, while each relief rally has produced lower highs. This structure suggests that market participants continue to use rebounds as opportunities to reduce exposure rather than initiate new long positions.

The collapse in open interest reinforces this interpretation. Falling open interest during a downtrend often indicates that traders are exiting positions and withdrawing capital from the market altogether. Unlike liquidation-driven crashes, which can sometimes create conditions for a sharp rebound, declining open interest points to fading enthusiasm and reduced speculative demand.

Volume is following OI

Additional market metrics support the cautious outlook. Futures volume remains relatively muted compared to previous periods of elevated activity, while capital flows across both spot and derivatives markets have shown signs of weakening. The broader cryptocurrency market has also struggled to provide the risk appetite necessary for meme assets to outperform.

That said, extremely low sentiment can occasionally create the conditions for a contrarian recovery. The Relative Strength Index has approached oversold territory, suggesting that selling pressure may be becoming stretched in the short term. However, technical traders will likely need to see open interest stabilize and price reclaim key moving averages before considering a sustainable trend reversal.

For now, SHIB remains trapped in a persistent downtrend, with the fall in open interest below levels last seen in 2024 serving as another indication that speculative interest continues to leave the market.

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