I want to disable the rendering of a component inside react.js formik library here is an example of code structure I have currently

<formik 
  initialValue={{
    "show":false
  }}>
  return (
    <button name="showbtn" onclick={setFieldValue("show",true)}/>
     {values?.show ? 
     (
       <Text>Hello</Text>
     ) : 
    null}
    <Rerenderedcomponent />  //no prop passed here
  )
</formik>

And here is an example of my Rerendered component file

function Rerenderedcomponent() 
{
  const callingAPI = useCallback(()=>response,[])
}

export default React.memo(Rerenderedcomponent)

Now as I am clicking on the button(name showbtn) formik "show" field value is getting updated but my component(Rerenderedcomponent) is also getting rerendered & hence the api in it is getting called again

I tried by setting enableReinitialize={false} but nothing works

Is it possible to prevent this rerendering of the component(Rerenderedcomponent) on formik field update

PS:- The component should remain inside formik tag only