Shiba Inu Transaction Spike Fades As SHIB Price Struggles

Shiba Inu saw a massive 507 percent jump in transaction activity on its Shibarium network this week. This sudden surge in on chain movement initially sparked excitement among traders looking for signs of a breakout for the popular meme coin.

Despite the jump in network usage, the price of SHIB could not keep up the pace. The token traded sideways on Friday as selling pressure across the broader crypto market kept prices capped. This move adds to a weekly decline of nearly 7 percent for the asset.

Market watchers are now looking to see if the network activity translates into actual price support. With the wider market staying volatile, investors are waiting to see if SHIB can hold its current levels or if more downward pressure is ahead.