iPod Shuffle 3rd Generation Low Battery

I've had this 3rd Generation iPod Shuffle for 7 years now, and I just recently revived it after 3-4 years of not using it. I charged it overnight and I saw the status light blinking green. When I turned it on, however, the status light went red. Does the battery of the iPod shuffle deteriorate through time or are there any troubleshooting procedures available? I already tried restoring it but it still keeps blinking red.