Shiba Inu (SHIB) fell 4.8% on Monday after a brief rally swept a multi-month high and reversed, while the token's burn rate and Shibarium network activity remained largely unchanged.

SHIB spent Sunday pressing toward a price it had not touched since early August. By Monday morning, the entire advance had been surrendered — and then some.

The token 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. SHIB is still up 9.6% over the past 30 days, although most of that monthly gain has now been eaten into by the weekly decline.

A Sweep That Did Not Hold

The rally into Tuesday carried SHIB directly into a cluster of resting sell orders — the type that build up over weeks rather than 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 on Monday, August 1, near $0.000006227. That candle closed at $0.000005966, well off the top of its wick.

Buy orders resting above the old high were filled, and the market then turned the other way. That is the classic shape of a liquidity sweep in crypto order books: a push through a visible prior high absorbs the buy orders stacked above it, and once that liquidity is taken, the move can quickly lose follow-through. The following day, Wednesday, September 23, a 4-hour candle opened at $0.000006002 at 12:00 UTC and gave way through the session. It was that candle, rather than the sweep itself, that broke the short-term structure to the downside. The day's low landed at $0.000005534 by evening.

Price then spent four days boxed between roughly $0.0000057 and $0.0000060, trading between $0.000005826 and $0.00000601 by Sunday, September 27. Monday's decline pushed it out of the bottom of that range to $0.000005603.

SHIB/USDT daily chart, Binance spot. Levels mark the swept high, the prior-day low and Monday's low. Source: TradingView

The Levels That Set the Next Leg

On the bullish side, Sunday's low at $0.000005826 held into Monday morning. A 1-hour close back above that level would open the path toward $0.000005988 and then $0.00000601, both levels stacked from Saturday's and Sunday's trade on the Binance perpetual. An hourly close back under $0.0000057969, however, would invalidate that case.

The bearish side is simpler. SHIB was already trading below 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 on Thursday, September 24. A reclaim above $0.000005631 would negate that outlook.

For context, Bitcoin remained in an uptrend throughout the period. It last traded near $82,805, above its rising 100-day average around $69,900. SHIB, by contrast, sits about 10.2% below its own 20-day high and 9.6% above its 10-day low, meaning it is 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 positioning as of 08:00 UTC Monday. Both figures are snapshots, nothing more.

With Sunday's low broken and not yet reclaimed, the downside path holds the edge for now. That edge would disappear the moment price closes an hourly candle above $0.000005631.

The Burn Number Nobody Is Chasing

Away from the chart, Shiba Inu's token burn kept running at its usual pace — barely touching supply at all.

Burn tracker Shibburn showed 338,051 SHIB destroyed in the 24 hours to Monday. At current prices, that equates to roughly $2, on a token with a $3.3 billion market capitalization. The 7-day tally came to 20.53 million SHIB, near $122, while the 30-day figure reached 375.47 million SHIB, about $2,002.

Zoom out and the numbers grow considerably. Since the project's burn portal began in 2021, 410.84 trillion SHIB has been destroyed — 41.08% of the original one quadrillion supply. Circulating supply, for its part, still sits at 585.47 trillion tokens. At the current pace, the weekly burn trims a few thousandths of a percent of that circulating figure — small enough that tradable supply is effectively unchanged from week to week.

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 is down from a peak above $6 million at one point in 2025, leaving the chain holding roughly 1% of the capital it carried at that high-water mark. Total value locked — the assets deposited across a chain's applications — is one of the more direct gauges of how much real capital a network is holding.

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 largest application 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.

Shibarium total value locked, all-time. Source: DefiLlama

The Wider Meme Coin Board

The pullback landed in the same week that 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.

With the burn ledger and Shibarium's gauges parked where they are, the near-term reference points for SHIB remain the chart levels above — most immediately, whether an hourly close reclaims $0.000005631 or extends the break under $0.000005603 — along with any move in the daily burn and network tallies off their current floors.

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 closes.