Shiba Inu Price Plunges as Sellers Remain in Control

Shiba Inu's price has dropped by nearly 23% from its August high of $0.00000583, and it continues to decline despite rising derivatives activity.

The SHIB token is trading at around $0.00000450 on Wednesday, extending its slide for a seventh consecutive day as sellers remain in control.

Despite the persistent decline, open interest in SHIB's derivatives market has increased by 81% from its July low of $27.8 million to $50.35 million.

This rise in open interest suggests that speculative traders are still interested in the token, but it also raises the risk of sharp volatility and leveraged liquidations.

The funding rate has decreased to 0.003% from 0.0082%, indicating a reduction in demand for bullish exposure among retail traders.