SHIB Price Plummets as Futures Open Interest Drains Across Exchanges

SHIB's price has been steadily declining, reaching $0.00000441 as it gets trapped in a falling channel.

The momentum picture is textbook late-stage distribution, with buyers hesitating and refusing to push up the price.

Futures open interest has been draining across exchanges, indicating a lack of conviction in either direction.

Despite this, the stochastic oscillator has crossed into oversold territory, creating conditions for a short-covering bounce.

However, the broader meme coin environment is hostile due to Bitcoin's pinned price and high-beta profile, making it difficult for SHIB to recover.