Shiba inu trails memecoin rally as market rises 15%

Shiba Inu lags behind as memecoin market rallies

Over the past thirty days, the memecoin market has experienced a notable jump, with its total market capitalization soaring 15.58% to $35.6 billion. Trading volumes surged by 56.14%, reaching approximately $3.79 billion. By comparison, Bitcoin’s market cap grew by 14.06% in the same period, highlighting a trend towards increased risk appetite and capital rotation into speculative crypto assets.

Despite the broader market’s strong momentum, Shiba Inu’s performance has fallen short of the average. SHIB has underperformed compared to leading memecoins, emphasizing that during market rallies, not all assets benefit equally from increased market participation.

While Shiba Inu is part of the general resurgence among memecoins, it is not taking a leadership role. Assets that lag often try to catch up as capital flows intensify, but without clear signs of accumulation, any upward moves may struggle to sustain themselves.

Stability in exchange flows and continued price weakness

On-chain data reveals that SHIB’s net flows to and from exchanges have remained nearly neutral, indicating a stable balance between buyers and sellers. There is neither strong accumulation nor pronounced selling pressure at this time.

From a price perspective, SHIB has been trending downward for an extended period and continues to trade within a narrow range near its recent lows. The token remains below major moving averages, reinforcing the prevailing downtrend.

Market data does point to some early signs of recovery, but there is no decisive evidence of a trend reversal yet. With net flows hovering close to zero, it suggests that investors are mostly indecisive. Typically, weak negative flows signal accumulation, while positive numbers point to potential selling, making the current neutral situation stand out.

Meanwhile, there has been a gradual uptick in active addresses and exchange engagement, particularly around speculative interest in memecoins. This suggests renewed attention in the sector, even if SHIB itself is yet to join the rally fully.

Investors waiting for SHIB’s next big move

Although Shiba Inu has not entirely missed out on the recent surge in memecoin activity, it remains an observer rather than a leader in the space. Investors are watching closely to see when SHIB’s sideways trajectory might turn into a period of accumulation and possibly a new rally. For now, SHIB is biding its time in a volatile market.

Shiba Inu is trading at $0.000006258, registering a 2.63% gain in the past 24 hours.

The article “Shiba Inu attracts attention with a 2.6% rise during flat trading” was first published by COINTURK.