Shiba Inu open interest experienced a significant drop, with the total value of outstanding contracts decreasing by nearly 10% in just one day, according to CoinGlass data. This amounted to approximately $156.58 million worth of SHIB contracts, a supply twist for the popular token. The decline is attributed to traders scaling back positions amidst rising market uncertainty. This trend was not isolated; significant drops were observed across major exchanges like OKX and KuCoin. OKX saw a 6.57% decline over the past day, while its open interest dropped to $19.46 million or 1.49 trillion SHIB. Notably, the pace of selling accelerated further in the last four hours, with a 7.96% drop on OKX alone. KuCoin saw an even bigger decline, dropping 11.17% over the past 24 hours to $7.43 million, equivalent to 567.42 billion SHIB. This further intensified pressure on the token in the short term. Despite a slight recovery observed in the last hour, overall sentiment remains cautious, with many traders already closed out their positions.