Shiba Inu Coin (SHIB) has dropped again. I've been checking it over the past few days, and the persistent negative funding rate is concerning. I think it indicates that shorts are dominant in the derivatives market.

Currently, the price of Shiba Inu Coin is trading around $0.000005, with strong selling pressure in the short term. It's down about 1% over 24 hours, but looking at the 7-day view, it has turned positive, which is somewhat interesting. The market cap is around $3.6 billion, and trading volume in futures is active, suggesting speculative activity.

Technically, the downtrend continues. The Aroon Oscillator is signaling a strong sell, and the Awesome Oscillator is below the zero line. Unless it breaks above the resistance zone, there's a high chance that Shiba Inu Coin could move further down.

What’s concerning is the funding rate. It has been consistently in the red, indicating traders are preparing for a decline. Occasionally, green appears, but it’s short-lived, so the bottom might not be in sight yet. If you're considering buying more Shiba Inu Coin, it might be better to wait and see a bit longer.