Prominent meme coin Shiba Inu [SHIB] followed the market sentiment and saw a major downfall. The asset dipped to a low of $0.00001191 after enduring a 15% loss throughout the last 24 hours.
Shiba Inu’s Recent Performance and Future Outlook
Shiba Inu’s daily volume rose by 205% and surged to $656,070,035. This was probably due to the sell-off that has struck the entire market.
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Exchange Netflow and Market Sentiment
The exchange netflow for SHIB also points to a potential imminent end to the decline. Shiba Inu withdrawals have significantly outpaced inflows over the past five days, according to CryptoQuant, indicating a move away from centralized platforms and toward self-custody techniques.
Since it eases the pressure on sellers to make a quick purchase, this is usually regarded as positive. Therefore, hope was instilled back in the SHIB market among investors.
Futures Open Interest and Market Activity
In addition, Coinglass reports that there is $26 million in open interest in SHIB futures. Since July 19, it has been progressively dropping, dropping 51% in the last 16 days. The entire quantity of outstanding futures contracts is reflected in the futures open interest.
A decline in open interest indicates reduced market activity and interest in the underlying asset. This is typically interpreted as a bearish indicator, suggesting that traders are becoming less optimistic about the asset’s future.
Also Read: 1.3T Shiba Inu Moved in 24 Hours, Will Price Rally This Week?
Shiba Inu To Pick up Pace in Mid-August
According to Changelly, Shiba Inu is expected to surge to a high of $0.0000309 later this month. It looks like SHIB will linger around the same level.
Next week, the meme coin will rise to $0.00002224. However, the asset will drop back to $0.00001910 sooner rather than later.
Also Read: Shiba Inu Falls To 5-Month Low: Should You Buy The SHIB Dip?
Stay tuned for more updates on SHIB’s performance and market trends as we approach mid-August.
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