Shiba Inu’s Futures Open Interest Hits 7M SHIB—Whales Dump as Price Rebounds

Shiba Inu's market drama intensifies as derivatives traders pile in—just as whales start cashing out.

Futures frenzy meets sell-off pressure

While retail traders fuel a 7M SHIB open interest surge in futures markets, blockchain sniffers spot whale wallets moving stacks to exchanges. Classic crypto: the little guys buy the dip while the big players take profits.

The meme coin's 24-hour chart tells the tale—brief recovery rallies getting hammered by sell walls. On-chain data shows at least three nine-figure SHIB dumps hitting Binance and Kraken order books during yesterday's uptick.

Will the dog-themed token bark or whimper? With SHIB's perpetual funding rates turning positive again, the leverage game is back on. Just don't act surprised when the 'smart money' exits stage left before the next act.

Bonus jab: Nothing says 'healthy market' like degenerate gamblers fighting whales for control of a dog token's futures contracts.

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 well

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.