Shiba Inu Price Slumps After Token Burn

Shiba Inu's price has declined nearly 2% on Monday, extending last week's 7% drop. Despite burning 83 million tokens on Sunday, the available supply is reduced and selling pressure may decrease. However, retail demand remains bearish in the near term.

CoinGlass data shows a 13% decline in SHIB Open Interest over the past 24 hours to $42.80 million, implying reduced positional buildup. The volume has dropped 56% to $71.27 million, and the funding rate is down to 0% from 0.0092% the previous day.

The technical outlook for Shiba Inu is mixed, with momentum maintaining a recovering tone. The meme coin holds above the 78.6% Fibonacci retracement level at $0.00000462, but faces headwinds near the $0.00000500 psychological threshold.