Shiba Inu fell 4.8% Monday after sweeping a July high and breaking structure, while its burn rate and Shibarium activity stayed close to flat.
Shiba Inu spent Sunday chasing a price it had not touched since early August. By Monday morning it had given the whole move back and then some.
SHIB traded at $0.000005638 as of Monday, September 28, 2026, 08:00 UTC, down 4.8% on the day and 6.8% over the past week on the Binance perpetual. The token is still up 9.6% across the past 30 days, a gain most of that weekly drop has now eaten into.
A Sweep Nobody Held Onto
The rally into Tuesday ran SHIB straight into a cluster of resting sell orders, the kind that build up over weeks, not days. Price pushed to $0.000006276 during the 4-hour candle that opened at 04:00 UTC on Tuesday, September 22, on the Binance perpetual, matching a high last set back on Monday, August 1 near $0.000006227. That candle closed at $0.000005966. Well off the top of the wick.
Buy orders sitting above the old high got filled. Then the market turned the other way. A four-hour candle the next day, Wednesday, September 23, opened at $0.000006002 at 12:00 UTC and gave way through the session, and that’s the candle that actually broke the short-term structure lower, not the sweep itself. The day’s low landed at $0.000005534 by evening. Price then spent four days boxed between roughly $0.0000057 and $0.0000060, touching $0.000005826 to $0.00000601 by Sunday, September 27. Monday’s decline pushed it out the bottom of that range to $0.000005603.
SHIB/USDT daily chart, Binance spot. Levels mark the swept high, the prior-day low and today’s low. Source: TradingView
Levels That Decide The Next Leg
Here’s the bull case, for anyone still watching for one. Sunday’s low, $0.000005826, held into Monday morning. Get a 1-hour close back above it and the path opens toward $0.000005988, then $0.00000601, both levels stacked up from Saturday and Sunday’s trade on the Binance perpetual. Slip back under $0.0000057969 on an hourly close, though, and that case is dead.
The other side is simpler. SHIB is already under Monday’s low as of 08:00 UTC. An hourly close under $0.000005603 keeps the door open toward $0.000005539, a level the pair last touched Thursday, September 24. A reclaim above $0.000005631 kills that version of the story.
Bitcoin, for context, stayed in an uptrend through all of this. It last traded near $82,805, above its rising 100-day average around $69,900. SHIB is a different animal right now, sitting about 10.2% below its own 20-day high and 9.6% above its 10-day low, meaning it’s still inside its recent range rather than actually trending. Funding on the perpetual held flat at 0.01%, and long accounts made up 60.7% of the total as of 08:00 UTC Monday. Both numbers are a snapshot, nothing more.
So which way does this go? The break of Sunday’s low without a reclaim gives the downside path the edge for now. That edge disappears the moment price closes an hour above $0.000005631.
The Burn Number Nobody’s Chasing
Away from the chart, Shiba Inu’s token burn kept running at whatever pace it runs at, which is to say barely touching supply at all.
Burn tracker Shibburn showed 338,051 SHIB destroyed in the 24 hours to Monday. Do the math and that’s roughly $2 at current prices, on a token with a $3.3 billion market cap. The 7-day tally came to 20.53 million SHIB, near $122, and the 30-day figure reached 375.47 million SHIB, about $2,002.
Zoom out and the number gets bigger fast. Since the project’s burn portal began tracking back in 2021, 410.84 trillion SHIB has been destroyed, or 41.08% of the original one quadrillion supply. Circulating supply, for what it’s worth, still sits at 585.47 trillion tokens.
Shiba Inu burn data as of Monday, September 28, 2026. Source: Shibburn
Shibarium’s Activity Stayed Thin
Shibarium, the token’s own layer-2 network, is carrying $57,178 in total value locked right now, per DefiLlama. That’s down from a peak above $6 million at one point in 2025, a number that looks almost quaint next to where the chain sits today.
Daily activity is just as thin. Fees across the entire network came to $0.14 over 24 hours. Decentralized exchange volume added up to $0.58, not a typo. ShibaSwap, still the biggest app running on the chain, held $28,173 of that total value locked figure. BONE, the token that pays for gas on the network, carries a $13.21 million market cap of its own, for what that’s worth on a chain this quiet.
Shibarium total value locked, all-time. Source: DefiLlama
The Wider Meme Coin Board
The pullback landed the same week Dogecoin, another large altcoin, held between two liquidation shelves after its own reversal, and days after Bitget outlined a phased return of withdrawals following a security review. Neither event changes what the SHIB chart is doing on its own.
This is market analysis, not financial or investment advice. The levels above come from Binance data current as of Monday, September 28, 2026, 08:00 UTC, and can break in either direction before the next candle closes.
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