- 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.
Last week saw Shiba Inu [SHIB] exhibiting bearish tendencies initially, yet the bears have quickly taken over, leading to a possible pullback this weekend.
As a result, the memecoin lost its silver position in the memecoin rankings.
Currently, a Shiba Inu coin is being traded for approximately $0.000020, marking a drop following the gains it made last week. The coin saw a surge of 26%, climbing from its lowest to highest price point during that period.
This latest pullback resulted in a retest of its current short term support level.
In the past 24 hours, SHIB experienced a drop of approximately 8%, pushing its price back towards the support level. This downturn essentially erased most of the progress made in terms of price increase during the previous week.
This presentation clearly demonstrates a consolidation in prices and a lack of strong buyer interest, which explains why it hasn’t managed to break out of its ongoing 4-week trading pattern.
Third largest memecoin by market cap
This past week has seen some intriguing developments in the cryptocurrency market, with memecoins being a standout area of interest. Of particular note is the emergence of a new memecoin tied to the incoming U.S. President, Donald Trump, which swiftly climbed up the ranks after its launch.
In doing so, overthrew Shiba Inu from the second spot in the list of top memecoins by market cap.
The result demonstrated a decrease in investor confidence within the SHIB community, given that the open interest – amounting to $446.60 million – experienced a decline of 10.47% over the preceding 24 hours.
The last two days saw significantly increased trading activity compared to the previous week, with a majority of that activity being sell-offs.
It was clear that there was a lack of confidence in SHIB, as its trading volume didn’t surge like it did during past periods when volumes typically increased significantly.
Strong periods of demand are typically associated with an increase in Funding Rates, reflecting heightened curiosity and activity within the derivatives market.
However, Funding Rates on both sides of the spectrum remained low, in line with the weak demand.
Over the past few days, the data suggests a decrease in engagement or enthusiasm towards Shiba Inu, but this trend is not unique or exceptional.
Read Shiba Inu’s [SHIB] Price Prediction 2025–2026
It was found over the past 24 hours up to the current moment, many popular meme tokens such as Dogecoin (DOGE), Pepe (PEPE) and Bonk (BONK) saw substantial selling activity.
Though it might seem that newer entries have overshadowed its thunder, tokens such as Shiba Inu are still worthy of attention, particularly given the recent test of support. This potential rebound area could lead to an upturn in the token’s value.
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2025-01-20 12:07