According to a new market breakdown from IncomeSharks, a popular trader with almost 700,000 followers on X, popular meme coin Shiba Inu (SHIB)'s two-year trading pattern is like a "visual explanation of how crypto works now."
An example cited the moment when SHIB rose in February 2024, then fell for six months. A three-month rebound in late 2024 briefly lifted the token above 0.000035 USDT, but an extended correction erased nearly all prior gains.
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By late October 2025, the asset traded at 97.9%, below its local high from the previous year. IncomeSharks summarized the movement as "two years of bear market with one month up and one relief rally."
$SHIB - A good visualization of how crypto works now. In 2 years there was basically one month of up only, and one 3 month period of upwards action. Basically a 2 year long bear market started with a wild pump and one little relief rally. pic.twitter.com/gAELATBHFE
— IncomeSharks (@IncomeSharks) October 31, 2025This idea is getting a lot of attention because similar cycles are visible in major altcoins this year, like Dogecoin and Cardano, which are still down over 60% from their Q1 highs.
Crypto stagnation
Market data confirms the stagnation: Bitcoin is still sitting at around $109,700, Ethereum is at $3,849 and Solana is at about $186, with each seeing less than a 1% change in the last 24 hours. Shiba Inu is worth about $5.84 billion, which puts it in 23rd place in the global rankings. It is just behind Zcash (ZEC) and just ahead of Stellar (XLM).
On the bright side, even though it has been struggling, SHIB is still one of the top performers on Binance when it comes to retail activity and has a strong presence among the top ERC-20 holdings by wallet count.
In the last 24 hours, trading volume hit $126 million, with most of that happening in SHIB/USDT pairs on Binance and OKX.
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