title: Shiba Inu (SHIB) price has remained in a tight range

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%

Shiba Inu (CRYPTO: SHIB) 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, showing a 46% increase from the year-to-date low. In comparison, Pepe (PEPE) has soared by 177%, and Dogecoin (DOGE) has risen by 85%. Other Solana meme coins like Bonk, Fartcoin, and Trump Coin have also performed better.

Shiba Inu Lags Broader Market As Whale Selling Intensifies

Shiba Inu has been lagging the broader cryptocurrency market as whale selling activity intensifies.

According to data from Santiment, the total Shiba Inu supply held by whales has dropped to 725.45 trillion, reaching its lowest point since January. Whales have offloaded more than 18 billion tokens since January 19.

Further metrics from Santiment indicate that the 180-day Mean Dollar Invested Age (MDIA) for Shiba Inu has declined from 115 in April to 110. This trend typically suggests a bearish market.

Shiba Inu is also lagging in terms of investor demand.

CoinGecko data shows that Shiba Inu's 24-hour trading volume stands at 472 million dollars on Thursday. This volume is significantly lower compared to 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 trading volumes.

Shiba Inu Burn Rate Drops

Meanwhile, Shiba Inu's burn rate has decreased. The 24-hour burn rate dropped by 11.5 percent to 13.5 million tokens. In the past five days, less than 50 million SHIB tokens have been burned, which is an unusually low figure.

Shiba Inu Price Analysis

The three-day chart shows that SHIB has remained under pressure for several months, moving lower from a high of 0.003320 dollars in December to the current level of 0.000015 dollars.

The token is trading below both the 50-day and 200-day moving averages. Additionally, it has formed a large bearish flag pattern, which is 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.