The value of the Shiba Inu is now down about 35% year over year, with the meme trading at about $0.000006 as of early April 2026, a far cry from the $0.00000923 range it reached in early January.
The meme has spent the past three months In a prolonged decline, Which continued until the end of the last week. Several converging developments explain why this decline continues and why the path to recovery currently remains uncertain.
The chain weakened and the adoption of Shibarium was discontinued
The most damaging blow to SHIB’s fundamental cause From its layer 2 network. Since the launch of Shibarium in August 2023, the price movement of the meme coin has been linked to interest and activity on the Layer 2 network.
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However, on-chain data shows a clear decline in user activity and demand across the network. This decline in Shibarium user activity began in September 2025, when the network experienced an issue The largest attacks in its history And the consequences spread Beyond the direct financial loss.
Before the accident, daily transactions on Shibarium were in the millions; After exploitation, their number decreased to only thousands. Currently, daily transactions stand at around 1,230 over the past 24 hours, with activity falling to 557 transactions on April 4, according to data from Shibariumscan.
However, it is also worth noting that Shibarium He recently underwent a specialization Infrastructure upgrade, including a complete re-indexing of its back-end systems, which may have contributed to the temporary slowdown in transaction throughput in the past few days.
Traders continue to pull back with diminishing confidence
The derivatives market is also showing signs of fading confidence in the Shiba Inu. Recent data reveals a significant decline in open interest, meaning traders are closing their positions and turning away from the Shiba Inu. According to data from Coinglass, open interest for the Shiba Inu across major exchanges currently stands at $54.25 million, which represents a 16% decline from the $65.23 million recorded around this time last month.
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The decline is even more pronounced when looking at its annual high. Back in January, open interest was $145.40 million, meaning current levels reflect a sharp 63% decline since then.
Even more worrying is the rise in exchange flows, with large amounts of SHIB being transferred to trading platforms, which is usually a precursor to selling pressure. according to Data from CryptoQuantthe net influx of Shiba Inu to exchanges reached 6.9 billion SHIB over the past 24 hours, meaning that more Shiba Inu are being sent to cryptocurrency exchanges than are leaving. It is interesting that this number netflow Recently reached a high 39 billion shekels within a 24-hour period.
However, the pricing issues faced by SHIB are structural relative to the entire meme sector. The market cap of all memecoins is currently at $34 billion from a year-to-date high of over $109.7 billion. According to data from Koenjiku.
Featured image from Adobe Stock, chart from Tradingview.com
