Shiba Inu sees 42% increase in on-chain activity amid market resistance

Shiba Inu (SHIB) has recently seen a 42% increase in on-chain activity. While this growth could suggest a resurgence in demand, market analysts note that weak volume, neutral momentum, and persistent resistance prevent a decisively bullish signal.

Despite the rise in transactions, the token has struggled to maintain long-term trend reversals. Price action has repeatedly stalled near resistance levels, specifically between $0.0000056 and $0.0000057, where the long-term moving average remains in a descending pattern.

In a broader market comparison, Shiba Inu faces significant competition within the meme-coin sector. While the asset has developed a metaverse and Layer-2 scaling solutions, these developments have not yet translated into meaningful price appreciation or widespread adoption.