Eight out of ten exchanges are experiencing a decline in open interest for Shiba Inu (SHIB) derivatives. The decreases recorded are 3.37% on OKX, 11.31% on KuCoin, 2.02% on Gate, 2.12% on Bitget, and 4.08% on MEXC. Trading volumes have also plummeted, with a nearly 70% decline on KuCoin, 41% on Bitget, and approximately 34% on MEXC. SHIB is currently trading at $0.00000448, below major moving averages, after failing to sustain a breakout above $0.0000058. This deleveraging reduces the risk of liquidation cascades, but analysts note that real spot demand is still needed to reverse the broader downward trend.
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