Shiba Inu On-Chain Activity Surges 216% Amid Price Weakness

Shiba Inu (SHIB) has seen a 216% surge in on-chain activity over a short period, with an additional 160 million SHIB added to related metrics. However, the price trend remains weak, trading around $0.00000485 after failing to break resistance between $0.00000520 and $0.00000530.

Technical indicators show SHIB has fallen below key short- and medium-term moving averages at $0.00000500–$0.00000515, a level that previously acted as dynamic support but now functions as resistance. The long-term moving average remains above current prices near $0.00000565, while the Relative Strength Index (RSI) has dropped below 50, signaling downward momentum.

Historically, similar on-chain spikes have not led to sustained price increases for SHIB. Recent attempts to rebound—such as a July recovery from $0.00000410 and an August surge toward $0.00000620—failed to break through key resistance levels, with each subsequent rally peaking lower than the previous one.

Key support levels are now at $0.00000480; a breakdown could lead to further declines toward July's low of $0.00000410. To reverse the trend, SHIB must first reclaim the $0.00000500–$0.00000515 range and then surpass $0.00000550 to signal structural recovery.