- SHIB failed to break out of its four-week consolidation zone, thanks to a weekend of heavy selling pressure.
- The memecoin has seen low demand alongside some of its major peers.
Shiba Inu (SHIB) experienced a bearish performance last week, but bears quickly regained control, setting the stage for a weekend retracement.
As a result, memecoin lost its silver position in the memecoin rankings.
Shiba Inu was trading at $0.000020 at press time, having given up gains made last week. It increased by 26% from last week’s lowest to highest price level.
This latest pullback has resulted in a retest of its current near-term support level.
Source: TradingView
SHIB is down around 8% over the past 24 hours, forcing the price back into the support range. As a result, the bears erased almost all of the gains made last week.
This performance underlines the consolidation of prices and the weakness of demand, hence its inability to break out of its current 4-week range.
Third largest memecoin by market capitalization
It’s been an interesting week for the crypto market, and especially for memecoins. Notably, a new memecoin directly linked to new US President Donald Trump has debuted and quickly risen the ranks.
In doing so, Shiba Inu toppled the second spot on the list of top memecoins by market capitalization.
This result reflects the decline in confidence observed among SHIB investors. As a reminder, memecoin had $446.60 million in open interest, down 10.47% over the past 24 hours.
Volumes were also noticeably higher over the past couple of days compared to last week, but it was mostly down volume.
Source: Coinglass
The low confidence in SHIB was evident in its volume from the perspective of previous instances where volumes skyrocketed.
Periods of robust demand have historically been accompanied by rising funding rates, underscoring interest in the derivatives segment.
However, financing rates on both sides of the spectrum have remained low, in line with weak demand.
Source: Coinglass
Although the measurements highlight low interest or activity related to Shiba Inu over the past few days, this finding is not isolated.
Read Shiba Inu (SHIB) Price Forecast 2025-2026
As it turned out, most other top memecoins, including Dogecoin (DOGE), Pepe (PEPE), and Bonk (BONK), also saw significant selling pressure over the past 24 hours until the time of the publication.
Even though their thunder may have been stolen by the last entry, coins like Shiba Inu are still worth keeping an eye on, especially with the latest new support test, which could potentially provide a rebound area.
