- SHIB failed to exit its four-week consolidation zone, courtesy of sell pressure-heavy weekend.
- The memecoin struggled with weak demand alongside some of its top peers.
Shiba Inu [SHIB] was off to a bearish performance last week, but the bears have swiftly regained control, paving the way for a weekend retracement.
As a result, the memecoin lost its silver position in the memecoin rankings.
Shiba Inu exchanged hands at $0.000020 at press time, after giving up the gains achieved last week. It rallied by 26% from last week’s lowest to highest price level.
This latest pullback resulted in a retest of its current short term support level.
Source: TradingView
SHIB was down by roughly 8% in the last 24 hours, forcing price back to the support range. As a consequence, the bears wiped out almost all the gains achieved last week.
This performance underscores price consolidation and weak demand, hence its failure to rally out of its current 4-week range.
Third largest memecoin by market cap
It’s been an interesting week for the crypto market, and particularly for memecoins. Notably, a new memecoin directly related to incoming U.S. president Donald Trump made its debut and quickly rose the ranks.
In doing so, overthrew Shiba Inu from the second spot in the list of top memecoins by market cap.
This outcome reflected the observed lower confidence among SHIB investors. For context, the memecoin had $446.60 million in Open Interest, which was down by 10.47% in the last 24 hours.
Volumes were also notably higher in the last two days compared to last week, but this was mostly downside volume.
Source: Coinglass
The low confidence in SHIB was evident in its volume from the perspective of previous instances where volumes spiked.
Periods of robust demand have historically accompanied by a spike in Funding Rates, which underscore interest in the derivatives segment.
However, Funding Rates on both sides of the spectrum remained low, in line with the weak demand.
Source: Coinglass
While the metrics underscore low interest or low activity related to Shiba Inu in the last few days, that outcome was not isolated.
Read Shiba Inu’s [SHIB] Price Prediction 2025–2026
It turned out that most of the other top memecoins including Dogecoin [DOGE], Pepe [PEPE] and Bonk [BONK] experienced significant sell pressure in the last 24 hours until press time as well.
While their thunder may have been stolen by the latest entry, coins like Shiba Inu are still worth keeping an eye out for, especially with the latest support retest, which could potentially provide a bounceback zone.
