Shiba Inu’s Futures Open Interest Skyrockets Past 7M SHIB—Whales Dump Amid Price Rally

Shiba Inu’s futures market hits a frenzy as open interest breaches 7M SHIB—just as whales start cashing out. Is this a classic ‘buy the rumor, sell the news’ play?

Price recovery meets profit-taking: SHIB’s rally faces resistance from big players dumping bags. Retail traders left holding the leash?

Futures heat up while spot cools down: The derivatives market’s bullish bets clash with on-chain sell pressure. A tale as old as crypto itself.

Whale wallets move like clockwork—pumping hope before dumping supply. Meanwhile, the ‘diamond hands’ crowd cheers the charts. Some things never change in the meme economy.

Bullish RSI

Prices have gained over 5% in one week alongside bullish signals from key indicators such as the 14-day relative strength index. The momentum oscillator has crossed into the bullish territory above 50 for the first time since May 23.

Supporting the bull case are volume figures, which have exceeded the daily average of 307.5 billion tokens during the recent price recovery phase, according to data tracked by CoinDesk's AI research.

Open Interest Rises as Whales Sell

Meanwhile, open interest in perpetual futures listed on Binance has surged past the 7 million SHIB mark for the first time since May 23, according to data source Velo. The upswing, accompanied by positive funding rates, suggests an increased investor interest in betting on continue price gains.

The ascent, however, could be challenged by whale and insiders moving trillions of coins to exchanges, with ten wallets controlling over half of the total token supply.

Key AI insights

• Support zone at $0.00001172-$0.00001175 attracts high-volume buying interest.
• Resistance at $0.00001196 caps upside moves with consistent reversals.
• Volume exceeds 307.5 billion token daily average during recovery phase.
• Intraday high $0.00001195 represents 1% gain from session open.
• 7.25 billion token volume spike marks resistance test during breakout attempt.

( Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy.)