Activity on Shibarium, Shiba Inu’s official Layer-2 blockchain, surged sharply over the past day, but $SHIB’s price has yet to respond.
According to the latest data from Shibariumscan, Shibarium processed 1,180 daily transactions yesterday. This marks a notable recovery from 661 transactions recorded on July 21, the second-lowest daily transaction count for July.
As a result, daily transactions climbed 78.51% within just a few days, signaling renewed activity on the network after a period of sluggish usage.
Although the latest transaction count remains far below the millions of daily transactions Shibarium recorded during its peak periods, many market observers view the rebound as an encouraging sign.
The increase comes at a time when investors continue to search for a bullish catalyst capable of reversing $SHIB’s prolonged price weakness. Even a modest improvement in network activity has sparked optimism that user engagement on Shibarium could gradually recover if the trend continues.
$SHIB Price Fails to Respond to Network Improvement
Despite the jump in Shibarium transactions, Shiba Inu has not benefited from the renewed activity on the blockchain.
The broader cryptocurrency market experienced another sharp sell-off yesterday, dragging down several major assets, including $SHIB. The token fell from an intraday high of $0.000004243 to a low of $0.000004102 before recovering slightly.
At press time, $SHIB is trading at $0.000004189. Even with the rebound, the token remains down 1.28% over the past 24 hours, 8.21% over the past week, and 0.34% month-to-date.
Ecosystem Challenges Continue to Weigh on Sentiment
Meanwhile, the Shiba Inu ecosystem continues to face several challenges that have dampened investor confidence.
The ongoing bearish market has produced few positive developments for the project. Community members have also expressed concerns over the disappearance of several key team members from X, multiple ecosystem initiatives that remain unfinished, and persistently low $SHIB burn activity.
Against this backdrop, Shibarium’s recent transaction rebound has fueled speculation that long-awaited positive catalysts could finally be emerging. However, the increase in network activity alone has not been enough to translate into higher $SHIB prices.
Over 113B Shiba Inu Tokens Leave Exchange
Despite the weak price performance, investors continue to move $SHIB off centralized exchanges.
Notably, more than 113 billion $SHIB tokens have recently been withdrawn from exchanges, reducing the total exchange reserve to approximately 86.13 trillion $SHIB.
Large exchange outflows are often interpreted as a sign that investors are transferring tokens into private wallets for longer-term holding rather than preparing to sell. While this trend has yet to trigger a price recovery, it suggests that some market participants remain confident in $SHIB’s longer-term prospects even as the token continues to trade under bearish pressure.