- Shiba Inu network activity drops sharply, with just 1,002 transactions & near-0 fees on Shibarium
- Over 429 billion SHIB moves to exchanges, pushing reserves to 81.7 trillion.
- Despite weak data, the technical breakout and 68% bullish sentiment hint at a possible recovery.
Shiba Inu is flashing mixed signals right now, leaving investors confused. While its Layer-2 network Shibarium shows low activity, selling pressure rises.
On the flip side, strong bullish sentiment and a technical breakout hint at something bigger building. Is this the calm before another rally, or an early warning sign for SHIB holders?
Shibarium Activity Drops Sharply
The recent performance of Shibarium shows a clear slowdown in network usage. Over the past 24 hours, the network processed just 1,002 transactions, generating only $0.0017 in fees.
Such low activity suggests that while the network is active, it is not yet seeing strong real usage or economic demand. Most transactions are system-level operations, not direct user transfers, indicating that the network is still stabilizing after its recent reset and re-indexing process.
This decline is part of a broader trend. Daily transactions have dropped sharply, falling more than 60% from 3,010 at the end of April to nearly 1,200 in early May.
429 Billion SHIB Moves to Exchanges
At the same time, on-chain data shows a major shift in token movement. Over 429 billion SHIB tokens have flowed through exchanges in just 24 hours.
Exchange reserves now stand at around 81.7 trillion SHIB, which typically signals that holders may be preparing to sell rather than hold long-term.
This rise in supply on exchanges increases the risk of short-term selling pressure and could limit immediate price gains.
Shib Price Holds Strong Despite Weak Data
Despite these concerns, SHIB’s price remains relatively stable. The token price is currently trading near $0.0000062, with 1.3% daily gains.
Interestingly, market sentiment remains strong, with bullish outlooks hovering near 68%, suggesting investors are still optimistic about the project’s long-term direction.
Shiba Inu Price Analysis
From a technical standpoint, SHIB is showing early signs of recovery. Looking at the 1-day price chart, Shib has broken above a descending channel and the 100-day moving average, indicating improving momentum.
Source: X
If this breakout holds, the next key resistance level is near $0.00001517, followed by a larger target around $0.0000330. However, confirmation is still needed.
Meanwhile, a failure to hold above the breakout zone could lead to a pullback before any sustained rally.
Related: Is Bitcoin Building a Base Before Its Next Big Move Toward $88K?
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