Shibarium Transactions Jump 78% to 1,180, SHIB Still Down 8.2% on the Week
On-chain activity on Shiba Inu's L2 rebounded sharply, but SHIB's price stayed pinned near $0.0000042 amid weak RSI and a broad selloff.
Shibarium’s daily transaction count jumped 78.51% to 1,180, up from 661 on July 21, according to Shibariumscan data cited by TheCryptoBasic. The rebound marks a sharp recovery from one of the network’s weakest sessions this month — but SHIB’s price never moved with it.
SHIB slid intraday from a high of $0.000004243 to a low of $0.000004102 during a broader market selloff before clawing back to roughly $0.000004189. On a trailing basis the token was down 1.28% over 24 hours, 8.21% over seven days, and roughly flat for the month at -0.34%.
Activity Up, Demand Flat
The disconnect is a scale problem as much as a sentiment one. A 519-transaction jump reads as a large percentage move, but 1,180 daily transactions on Shibarium remains too thin to move token-level demand for SHIB, particularly when macro selling pressure is hitting majors across the board at the same time.
Separate market data placed SHIB near $0.00000422, within the token’s month-long trading band of $0.00000415 to $0.00000441 — a range that has held for weeks without buyers or sellers taking decisive control. Over a different measurement window, SHIB showed a mixed tape: up 1.13% intraday and 1.67% over seven days, but down 4.5% over 30 days and 68.38% over the past year. The token sits roughly 95.23% below its all-time high.
Liquidity Present, Momentum Absent
SHIB’s market capitalization stands near $2.49 billion with daily trading volume close to $50.78 million — figures that indicate the market still has depth, but not the kind of volume typically associated with a breakout move.
Momentum indicators back that read. The 7-day RSI sits at 44.92, the 14-day at 41.64, and the 21-day at 39.64 — all inside the neutral-to-mildly-bearish 40–50 band, above oversold territory but far from any overbought signal. The improvement in the shorter-dated RSI versus the 21-day reading hints at a modest short-term stabilization, but not enough to confirm a trend reversal.
Moving averages tell a similar story. The 7-day SMA sits near $0.0000041943 and the 30-day SMA near $0.0000042548, with SHIB trading just above the shorter average but below the longer one. The 200-day SMA remains far higher at $0.0000058789, underscoring that the broader downtrend is still intact. The MACD line reads negative $0.000000088442, sitting below its signal line — consistent with lingering bearish pressure rather than a confirmed reversal.
What the Divergence Tells Traders
The gap between Shibarium’s usage rebound and SHIB’s flat-to-lower price action is a reminder that network-level activity and token-level demand don’t move in lockstep on short timeframes. For an L2 the size of Shibarium, a transaction count still in the low thousands is not yet generating the fee burn or ecosystem flow needed to offset broader market beta. Until volume expands well beyond current levels, SHIB is likely to keep trading as a function of overall crypto risk appetite rather than its own on-chain fundamentals.
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