Shiba Inu price has remained in a tight range over the past few weeks as it continues to underperform other cryptocurrencies.
Shiba Inu (SHIB) was trading at $0.000015 on Thursday, up by 46% from the year-to-date low. In contrast, Pepe (PEPE) has jumped by 177%, while Dogecoin (DOGE) has risen by 85%. Other Solana meme coins like Bonk, Fartcoin, and Trump Coin have done much better.
Shiba Inu has lagged the broader market as whale selling intensified. Data from Santiment shows that the total supply held by whales has dropped to 725.45 trillion, its lowest level since January. Whales have offloaded more than 18 billion tokens since January 19.
Additional metrics show that the 180-day Mean Dollar Invested Age, or MDIA, has declined from 115 in April to 110. This indicates that previously dormant tokens are now moving, a trend typically viewed as bearish.
SHIB has also underperformed as investor demand has weakened. According to CoinGecko, its 24-hour trading volume stood at 472 million dollars on Thursday, significantly lower than Dogecoin’s 3.64 billion dollars and Pepe’s 3.4 billion dollars. Even smaller meme coins like Bonk, Dogwifhat, and Moo Deng reported higher volume.
Meanwhile, Shiba Inu’s burn rate has declined. The 24-hour burn rate dropped 11.5 percent to 13.5 million tokens. Fewer than 50 million SHIB tokens have been burned over the past five days—an unusually low figure.
Shiba Inu price analysis
The three-day chart shows that SHIB has remained under pressure for several months, declining from a high of 0.00003320 dollars in December to the current level of 0.000015 dollars.
The token remains below both the 50-day and 200-day moving averages. Additionally, it has formed a large bearish flag pattern, characterized by a steep downward move followed by a period of consolidation. The consolidation phase resembles a rising wedge, a bearish technical formation made up of two ascending and converging trendlines.
