Shiba Inu extended its losing streak to a seventh consecutive session on Tuesday, trading near $0.00000450 as spot selling pressure persisted. The meme token has dropped roughly 14% from $0.00000583 and remains about 34% below its June peak near $0.00000671. Despite the weak spot market, derivatives data showed a notable rise in speculative activity.
Futures open interest climbed to 11.08 trillion SHIB, up from 10.46 trillion SHIB a day earlier and nearly double the July low of 6.05 trillion SHIB. The OI-weighted funding rate increased to 0.0082% from 0.0025%, indicating that many derivatives traders remained positioned for a rebound. However, spot trading volume was only $50.2 million on Tuesday, well below the $859.5 million recorded on July 27.
A separate on-chain update showed Shiba Inu exchange netflow increased by 1.2 billion SHIB, bringing netflow to roughly 62.15 billion SHIB. The move represented a 1.27% change over 24 hours, but exchanges already hold about 87.33 trillion SHIB of the nearly 999.98 trillion total supply, limiting the structural impact. Network activity improved modestly, with active sending addresses, total transactions, and average transfers each rising about 1% to 1.12%.
Technically, SHIB remains below its 50-day, 100-day, and 200-day exponential moving averages, with the daily RSI near 45 to 46. The $0.00000405 region is viewed as an important downside level. Bulls would need to reclaim $0.00000462, the 78.6% Fibonacci retracement, to improve the outlook. Above that, the 50-day EMA near $0.00000465 and the 100-day EMA near $0.00000495 are key hurdles, while the 200-day moving average sits near $0.00000581. Until stronger spot demand emerges, sellers retain control of the broader trend.
