Shiba Inu Funding Hits 0.1% as $57.3M OI Tests Crowded Longs
Shiba Inu is trading at $0.00000614 while its derivatives market shows a clear positioning imbalance: 68.1% of accounts are long, but only 58.2% of active taker flow is long. At the same time, aggregate open interest is about $57.3M, down 10.8% over 24 hours. That combination matters for the crowded-funding setup: traders remain directionally bullish, yet leverage is already being removed rather than added.
Recent coverage has presented a mixed picture for SHIB, combining exchange-volume attention with questions about broader network momentum and the durability of its bullish narrative.
OI is concentrated, but not uniformly expanding
The largest reported OI share sits at Bitget, with $11.8M or 20.6% of the market, and its OI has risen 3.1% over 24 hours. OKX holds $8.7M, equal to 15.1%, but has declined 6.1%. Gate accounts for $7.3M, or 12.8%, and has added 3.5%. Those three venues represent the clearest concentration in the available exchange breakdown.
This is not a clean leverage build. Bitget and Gate are adding exposure while OKX is shrinking, and the broader market total is contracting. The result is a fragmented crowd: some venues are still willing to carry fresh positions, but the aggregate position base is losing size. For SHIB, that makes any move through the current price more sensitive to forced exits, because liquidity is not being reinforced evenly across venues.
Funding is mostly calm, with one sharp outlier
The current funding rate profile is unusually uneven. The ticker’s average eight-hour funding converts to 0.1% when rounded to one decimal, but venue-level rates range from 0.0% on Bitfinex and dYdX to 0.6% on CoinEx. Bitget, OKX, Gate, KuCoin, MEXC, LBank and WhiteBIT are each around 0.0% at one-decimal precision, while Kraken is also approximately 0.0%.
CoinEx is therefore the important exception rather than proof of a market-wide funding spike. A premium of 0.6% on one venue can signal aggressive long demand or thinner local liquidity, but the near-zero readings elsewhere argue against treating the entire SHIB complex as uniformly overheated. The more reliable crowding signal comes from the account-versus-taker split: many accounts are long, while the traders initiating current transactions are less bullish.
Liquidations favor a squeeze before a washout
The liquidation windows show a meaningful change in pressure. Over four hours, long liquidations were $3.2K versus $7.4K for shorts. Over twelve hours, the gap widened to $4.3K in longs against $20.1K in shorts. The full 24-hour total reverses that balance: long liquidations reached $34.2K, compared with $25.1K in shorts, for $59.3K overall.
That sequence suggests recent upside movement has been forcing out short positions in the shorter windows, even though the day-long record still contains more long damage. With price up 1.8% and one-hour OI down 1.8%, the market is not showing a straightforward leverage-fueled breakout. Instead, it looks like a crowded long base is being trimmed while short sellers are becoming vulnerable to quick upside bursts.
Verdict: SHIB’s key risk zone is the $0.00000613-$0.00000614 price area against roughly $57.3M in aggregate OI. The near-term bias is a fragile bullish squeeze, not a durable trend: fading OI, a 68.1% long-account share and short-heavy recent liquidations favor volatility around this level. That view is invalidated if SHIB breaks below $0.00000613 while OI rebuilds above $57.3M, showing that fresh leverage is returning on the downside rather than being flushed. Data as of 14:11 Beijing time on Sep 23, covering Binance, OKX, Bybit and other major venues.