- SHIB demand falls as whales reduce holdings and trading volumes drop sharply.
- Derivatives activity declines, with futures open interest plunging from $560M to $186M.
- Shibarium network weakens, with TVL at $1.5M and ShibaSwap holding $1M.
Shiba Inu once carried the weight of meme coin enthusiasm, but the momentum has faded. Once a star among speculative tokens, SHIB now drifts in a sleepy range. Spot and derivative demand has thinned, while its flagship network Shibarium struggles to attract users. Traders find themselves staring at the same stagnant chart levels, waiting for a spark. Instead of roaring, SHIB feels like an ember losing glow in a crowded fire pit.
Fading Demand Across Markets
At press time, SHIB was trading at $0.00001255. The price has hovered around this level for weeks, well below its 2024 peak. Trading volume reflects the drop in interest. According to CoinGecko, SHIB’s 24-hour volume stands at $144 million. In comparison, Dogecoin recorded $1.75 billion and Pepe posted $381 million. Even smaller meme coins like Bonk and Pudgy Penguins outpaced SHIB’s activity.
The weakness extends to derivatives markets. Data from CoinGlass reveals a steep decline in futures open interest. Earlier this year, SHIB futures reached $560 million. That figure has since plunged to $186 million. By contrast, ApeCoin, often considered less relevant, boasts $203 million in open interest. Derivatives once magnified SHIB’s hype, but the echo has quieted.
The Shibarium network , once hailed as SHIB’s crown jewel, now shows cracks. Total value locked stands at just $1.5 million. ShibaSwap, the network’s flagship decentralized exchange, holds barely $1 million in assets. Developers and investors appear to have stepped away, leaving an empty stage behind.
The token burn mechanism, often promoted as a path to scarcity, also underwhelms. Burn rates soared by 537% on Wednesday. However, the actual amount destroyed was under $5 worth of tokens. The gesture feels symbolic rather than impactful, leaving the community disappointed.
Technical Picture and Key Levels
Price action shows consolidation near $0.00001250, aligning with the 25-day and 50-day EMAs. Volatility has evaporated, as the Average True Range continues falling. The chart draws a picture of silence, like a drumbeat fading into the distance. A symmetrical triangle pattern has formed, with support and resistance lines moving toward convergence.
Such patterns often precede breakouts, though direction remains uncertain. Traders now watch closely as the lines near a meeting point. Key support sits at $0.00001. A break below this level could spark deeper declines. On the upside, resistance at $0.000016 marks the immediate barrier. A decisive push above that could ignite fresh optimism.
For now, SHIB remains in limbo. The token waits at the crossroads of potential revival and further decline. Until demand returns in both spot and derivatives markets, recovery looks difficult. Investors face a familiar dilemma: hold through the lull or move on to livelier coins.
