The decline in the price of the Shiba Inu following the October 10 liquidation was as rapid as that of the rest of the market, and even now, the meme coin continues to struggle to reach pre-crash prices. However, there have been some developments among key metrics that may indicate that the price of the Shiba Inu is preparing to hit a bottom. These range from open interest to trading volume, both reaching levels that previously bottomed the price.
Open interest falls towards 2025 lows
One of the main parameters that has suffered when it comes to Shiba Inu is open interest. This metric that tracks the total number of open contracts for the meme coin dropped very sharply, along with the price, and reached levels not seen in nine months.
According to data from the Coinglass website, Shiba Inu’s open interest is now less than $80 million. The last time open interest was this low was in early January 2025, right before the surge.
At the time, open interest below $80 million marked the bottom for the Shiba Inu price. What followed was a rapid rise in the price of the Shiba Inu as investors began to take back their positions.
The result was a sharp increase in open interest, which increased more than 800% over the next few weeks to a new all-time high of $542 million. If history repeats itself, that is when the price of the Shiba Inu could see a retracement.
The volume paints a possible bullish future for Shiba Inu price
Another metric that has fallen towards 2025 lows is daily trading volume. Coinglass shows that trading volume is currently averaging less than $200 million, which is quite low for the meme coin known for being one of the most popular meme coins in the industry.
The failure of the $200 million day trade has often been one of the indicators of a bottom for the Shiba Inu price. This was the case in May 2025, before the price jumped 40%, and then again in July 2025, leading to another 40% rally.
If this trend also holds, it could be the precursor to another 40% rally. Coupled with open interest plummeting to 9-month lows, the price of the Shiba Inu may be on the verge of another rally.
Featured image from Dall.E, chart from TradingView.com