The most recent Shiba Inu data presents a dismal image. Only 320.14 billion SHIB were transacted in the last 24 hours. This amount would have been insignificant on more bullish days when the 24-hour transaction volume of SHIB frequently exceeded one or two trillion. Compared to previous peaks, that 320 billion figure is now essentially a rounding error.
This weakness is supported by on-chain data, which shows that heavy transaction volumes are still low, even though SHIB's price is struggling to stay afloat. The seven-day peak for big transactions is actually only 3.14 trillion SHIB, which is a small portion of the price that initially drove the meme-coin frenzy.
At 320 billion, we are exactly where we were seven days ago. There are also issues with the price chart. SHIB is currently trading perilously near multi-month lows at about $0.0001297 USDT. Bears appear to be getting stronger based on the recent breakdown below the 50 EMA and horizontal support. A potential last line of defense before SHIB possibly slides further is the 200 EMA, which looms below. The general malaise is confirmed technically by the price action of SHIB.
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Since late 2024, the market has continuously formed lower highs and lower lows, trapping it in a downward trend. A further source of distress is the sharp decline in the volume of large transactions, which highlights the lack of interest or conviction from whales and consequently reduces the upside potential of SHIB. The same conclusion can be drawn from the seven-day average of 2.76 trillion SHIB: SHIB is just not moving as it once did.
Without a new wave of speculative zeal, it is difficult to imagine the token making a significant comeback anytime soon as retail interest seems to be declining. To put it briefly, SHIB is stuck. The path of least resistance currently appears to be down rather than up, barring a significant catalyst or whale-led surge. Without volume, SHIB's price action is likely to stay in the doldrums, so the 320 billion SHIB figure is more of a warning than a reason for celebration.
