Shiba Inu retreated from the Aug. 9 high of $0.000014 to $0.000032 as the recent rally lost momentum. Bitcoin’s drop from $62,000 to below $60,000 influenced SHIB’s performance.
Shiba Inu’s trading volume has also shown weakness. In the spot market, SHIB had a 24-hour volume of $321 million, low compared to its $8.2 billion market cap. Competing tokens like Floki (FLOKI), Pepe (PEPE), and Dogwifhat (WIF) reported higher volumes of $320 million, $1.7 billion, and $1 billion, respectively.
The futures market mirrored this trend. According to CoinGlass, Shiba Inu’s open interest fell to $22 million on Aug. 9, down from $53 million in July. At its peak in March, open interest was over $114 million.
Most of Shiba Inu’s futures open interest was on OKX, a leading centralized exchange. CoinGlass data does not include open interest from other exchanges like Binance, Bybit, and Deribit.
Shiba Inu’s popularity has waned. Many traders now prefer newer tokens like Pepe, WIF, Bonk, and Popcat. Consequently, SHIB’s price is 70% below its March high and 85% below its all-time high.
Other parts of Shiba Inu’s ecosystem are struggling. Shibarium, the network’s layer-2 solution, has only $1.2 million in assets, while the total value locked in Shibaswap is down to $17.45 million.
Shiba Inu’s decline is significant given its past popularity. At its peak, its market cap was over $13 billion. This downturn also parallels Dogecoin (DOGE), whose market cap fell from $90 billion to $15 billion.
On a positive note, SHIB’s weekly chart is forming a falling wedge pattern. This suggests a potential bullish breakout later this year.
