Shiba Inu open interest plunges 11%, SHIB price hits nearly three-year low
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According to CoinWorld, affected by the overall cryptocurrency sell-off, the price of Shiba Inu has dropped to its lowest point since October 2023, with liquidation amounts reaching as high as $2.45 billions within 24 hours, mainly from long positions. Its open interest fell by 11% to $75.74 millions, and futures trading volume plummeted by 193%, indicating a reduction in derivatives exposure. Team member Lucie commented on the excessive leverage and panic sentiment during this plunge, emphasizing the importance of the community. The price of SHIB once dropped to a low of $0.00000617, and the Relative Strength Index (RSI) approached 30, suggesting a possible rebound.
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