SHIB Price Weakens Despite 216% On-Chain Activity Spike

Shiba Inu's (SHIB) on-chain activity has seen a significant spike, with a 216% increase in SHIB being added to the relevant metric and an additional 1.6 billion tokens added.

This sudden outbreak indicates a rapid acceleration of activity surrounding the token, but isolated on-chain events have frequently failed to result in long-term price increases for SHIB.

The daily chart shows little indication that this increased activity is accompanied by additional demand, which is what matters at this point.

SHIB's technical structure appears to be getting worse, with the token currently trading below a cluster of short- and medium-term moving averages in the range of $0.00000500, $0.00000515 that previously served as dynamic support.