Shiba Inu price remained in a tight range, underperforming some of the newly minted meme coins like Popcat, Neiro, and SPX6900. 
Shiba Inu (<a href="https://crypto.news/price/shiba-inu/" target="_blank">SHIB</a>) was consolidating at $0.00001718 on Oct. 9, down by 21% from its highest point this month. This retreat means that the second-largest meme coin has moved into a local bear market. 
Shiba Inu’s underperformance is likely due to the ongoing rotation to newer meme coins that are generating strong returns. SPX6900 (<a href="https://crypto.news/price/spx6900/" target="_blank">SPX</a>) has soared by over 300% in the last seven days, bringing its market cap to over $562 million. 
Popcat (<a href="https://crypto.news/price/popcat/" target="_blank">POPCAT</a>), a popular Solana (<a href="https://crypto.news/price/solana/" target="_blank">SOL</a>) meme coin, has surged by over 13,500% from its lowest point in January. Some of the other top-performing new coins are Neiro (NEIRO), Gigachad, and Apu Apustaja. 
Shiba Inu’s performance has also been impacted by the waning traction in Shibarium, its layer-2 network. Data from <a href="https://www.shibariumscan.io/stats" target="_blank" rel="nofollow">ShibariumScan</a> shows that the number of active accounts has dropped to below 500, while new accounts on Oct. 8 were just 33.&nbsp; 
Shibarium’s average transaction fee has dropped to 0.005 BONE, down from last month’s high of 0.062 BONE, a 91% plunge. The number of transactions on the network has also dwindled. 
Shibarium’s transactions and fees are important for Shiba Inu because some of the BONE is converted into SHIB and burned.&nbsp; 
Meanwhile, Shiba Inu’s open interest in the futures market has also dropped sharply. It moved to $44 million, down from this month’s high of $70 million. 
 You might also like: <a rel="" href="https://crypto.news/heres-why-the-baby-doge-coin-pumped-to-march-highs/"> Here’s why the Baby Doge Coin pumped to March highs </a> 
<h2 class="wp-block-heading" id="shiba-inu-price-has-stalled">Shiba Inu price has stalled</h2> 
<figure class="wp-block-image size-full">
 <img loading="lazy" decoding="async" width="3574" height="1982" src="https://crypto.news/app/uploads/2024/10/Shiba-Inu-Price-1.png" alt="Shiba Inu" class="wp-image-14302574">
 <figcaption class="wp-element-caption">
 Shiba Inu price chart | Source: <a href="https://www.tradingview.com/symbols/SHIBUSD/?exchange=CRYPTO" target="_blank" rel="nofollow">TradingView</a>
 </figcaption>
</figure> 
The daily chart shows that the SHIB token bottomed at $0.00000108, its lowest level on Aug. 5. It has rebounded above the upper side of the falling wedge pattern, which is shown in black.&nbsp; 
The token has remained above the 50-day and 100-day Exponential Moving Averages. Additionally, the MACD indicator has stayed above the zero line. 
SHIB’s rebound will be confirmed if it moves above the crucial resistance level at $0.0000187, its highest swing on Oct. 6. A move above that level could point to further upside, potentially to $0.000021, its highest level on Sept. 27. 
 You might also like: <a rel="" href="https://crypto.news/moo-deng-neiro-spx6900-surge-as-fear-and-greed-index-hits-42/"> Moo Deng, Neiro, SPX6900 surge as fear and greed index hits 42 </a>

Shiba Inu price stuck in a range as Shibarium activity dries

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