SHIB Holds Onto Monthly Gains Despite Recent 8% Decline

Shiba Inu Tracks Monthly Gains Despite Weekly Decline and Market Skepticism

Shiba Inu (SHIB), the second-largest memecoin by market cap, is on course to post a double-digit monthly gain for July—even as near-term weakness reflects growing investor fatigue with speculative assets.

The token fell to $0.00001263 early Tuesday, its lowest since July 10, representing a 9% weekly decline and a 2.28% drop over the past 24 hours. The downturn is in line with the broader retreat in meme tokens, as the CoinDesk Memecoin Index slid 10% in seven days.

The underperformance comes despite an aggressive token burn program. A single-day burn of 600 million SHIB—marking a staggering 16,710% spike in destruction—failed to support price action. Analysts say this reflects a shift in trader preference toward utility-focused tokens and away from purely speculative plays.

Market Data Highlights:

• 24-Hour Price Movement: SHIB declined from $0.000013107 to $0.000012809.
• Trading Bandwidth: Spanned 4.12% with support at $0.000012663 and resistance near $0.000013184.
• Volume Surge: Nearly 43.5 billion tokens traded in under 3 minutes during a midday spike.
• Structure: Price action followed a three-phase pattern—initial consolidation, distribution, and short-covering.

While SHIB’s short-term trend remains bearish, technical charts suggest potential for a rebound. The monthly candle appears to be forming an inverted hammer—a bullish reversal signal when it follows an extended decline. This indicates that buying interest is returning at lower levels, even as sellers dominated the session close.

Competitive Landscape:

SHIB’s recent losses come as traders rotate into newer meme coins and blockchain-native utility tokens. BONK, PENGU, and Remittix—all of which offer ecosystem-specific use cases—have siphoned off trading interest, eroding SHIB’s dominance in the memecoin sector.