Shiba Inu price remained in a tight range, underperforming some of the newly minted meme coins like Popcat, Neiro, and SPX6900.

Shiba Inu (SHIB) 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 (SPX) has soared by over 300% in the last seven days, bringing its market cap to over $562 million.

Popcat (POPCAT), a popular Solana (SOL) 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 …