Shiba Inu (SHIB) edged up along with a market rebound, but money flowed out of the futures market, weakening short-term buying sentiment. Shiba Inu futures net exposure also plunged 865 percent in 24 hours.

On April 3 local time, the Crypto Basic blockchain outlet reported Shiba Inu rose 2.37 percent over 24 hours to $0.00000598. Over the same period, total cryptocurrency market capitalisation rose 0.18 percent to $2.13 trillion. Bitcoin stood at $66,636, while Ethereum rose 0.50 percent to $2,061.

CoinGlass data showed $6.21 million flowed into Shiba Inu futures and $6.58 million flowed out. With outflows exceeding inflows, market exposure fell. Over the same period, liquidations of long positions across the cryptocurrency market totalled $145.71 million. These indicators are interpreted as a sign that traders are stepping back rather than building new positions.

Price action also shows a lack of clear demand. Shiba Inu has moved between $0.00000562 and $0.00000644 since March 11, 2026. With fresh buying not taking hold, there was no clear breakout. On-chain indicators also showed retail investors staying on the sidelines until a clear direction emerges.

Competition was also presented as a variable. Shiba Inu is considered the "second-largest meme coin", but MemeCore (M) is rapidly narrowing the gap in market capitalisation. Shiba Inu was put at $3.52 billion in market value, ranking 26th overall, while MemeCore was listed at $3.38 billion, ranking 28th.

Adoption indicators, however, were solid. Based on Etherscan, the number of SHIB wallet holders reached a record high of 1.56 million. Growth in holders points to long-term interest, but in the short term it shows that shrinking participation in derivatives markets and cautious investment sentiment are leading to a "lack of conviction".

Even though the rise in holders supports long-term interest, the near-term market mood remains closer to watching from the sidelines than conviction. Given the outflow of funds from futures markets and weak buying, analysis suggests Shiba Inu is likely to keep moving within a limited range for the time being rather than show a clear direction.