SHIB Price Dips as Retail Demand Fades Amid Token Burn

Shiba Inu's price has declined nearly 2% on Monday, extending its losses from last week. Over 83 million SHIB tokens were burned on Sunday, which could have eased supply-side pressure.

However, declining SHIB futures Open Interest and the funding rate suggest waning retail demand. Retail strength in Shiba Inu is easing despite the recent spike in token burn, according to Shibburn data.

CoinGlass data shows that SHIB Open Interest has dropped 13% over the last 24 hours to $42.80 million, while volume has decreased by 56% to $71.27 million. The funding rate is also down to 0%, from 0.0092% the previous day.

The technical outlook for SHIB is mixed, with momentum maintaining a recovering tone. However, the price faces headwinds near the $0.00000500 psychological threshold.