Shiba Inu (SHIB) is facing significant bearish pressure as key network metrics hit multi-month lows. The meme coin, currently trading around $0.00001239, has declined steeply from its December 2024 peak of $0.00003086. Transactions on Shibarium, SHIB's layer-2 scaling solution, dropped to nearly one million on August 24, marking the lowest point since early June. This reduced activity suggests diminished interest in the ecosystem.
Further compounding the negative outlook, SHIB exchange netflows have shown increased inflows over outflows, indicating investors are moving tokens to centralized platforms where selling pressure could intensify. The burn rate has seen only a minimal increase of 1.2% in the past 24 hours, resulting in approximately 3.7 million tokens burned—a figure considered insignificant in USD valuation.
Despite these bearish signals, some analysts remain optimistic. One popular X user noted that SHIB is still within its accumulation zone, historically followed by major rallies. Price targets set include $0.00005589 and $0.00003296, representing a potential 166% pump from current levels. Additionally, SHIB's Relative Strength Index (RSI) is nearing oversold territory, which could indicate an incoming rebound.
Network activity has declined by nine trillion SHIB, reflecting reduced participation from both retail and whale investors. SHIB is trading within a symmetrical triangle pattern, with critical support at $0.0000120 and resistance at $0.0000135. A breakdown below the triangle's lower boundary could lead to a deeper correction toward $0.0000110.