Shiba Inu is trading lower today. The meme coin fell 2.67% in the last 24 hours to $0.00000578 at the time of writing. The decline follows a brief surge to $0.00000653 on Feb. 25, which failed to hold. Open interest in SHIB dropped 5.53% over the same period, according to CoinGlass data, settling at $58.72 million. The pullback reflects a broader retreat across the digital asset market as traders continue to unwind risk positions.
The crypto market’s weakness mirrors pressure in equity markets. Nvidia’s earnings-driven pullback weighed heavily on risk appetite across asset classes. Most major tokens posted losses over the last 24 hours. Analysts note that digital assets are increasingly moving in step with broader risk sentiment rather than reacting to crypto-specific catalysts. This correlation has made it harder for SHIB bulls to sustain momentum independently of macro conditions.
An unexpected rally earlier in the week briefly lifted market optimism. Many investors had begun speculating that a bottom was forming after a more than four-month slide. That sentiment faded quickly. The reversal in open interest signals that speculative positioning in SHIB is being reduced. Falling open interest alongside price declines typically indicates that traders are closing positions rather than building new ones.
Key Price Levels to Watch
Shiba Inu faces well-defined technical barriers. Resistance sits at $0.00000733, with a stronger ceiling at $0.00000968. Both levels will need to be cleared for any meaningful recovery to take shape. On the downside, immediate support is at $0.00000590. A break below that level brings $0.00000575 into focus.
The current price of sits close to the lower support range. If selling pressure intensifies, the coin could test those levels quickly. Traders are watching whether SHIB can stabilize here or whether broader market weakness will push it through support. Friday’s macroeconomic data release is expected to play a significant role in determining short-term direction.
Shibarium Developments Keep Long-Term Focus Intact
Despite short-term price pressure, the Shiba Inu ecosystem is advancing on several fronts. The Shiba Inu SOU program launched on Feb. 17. The initiative, which stands for “Shib Owes You,” was created in response to a hack that compromised Shibarium’s validator keys last September. Every affected user has been issued an SOU NFT. The token serves as a verifiable, on-chain record of what the ecosystem owes each impacted wallet. Payouts, donations, and occasional rewards form the basis of the compensation framework.
The Shibarium hack prompted a broader structural review. Developers are currently overhauling the proof-of-stake node architecture. The goal is to move away from a centralized validator model toward a distributed, community-governed system. The change is designed to reduce the risk of future compromises and strengthen network resilience.
Source: https://coinpaper.com/15012/shiba-inu-price-retreats-to-0-000005-amid-weak-market-sentiment-and-falling-open-interest
