SHIB has returned to the spotlight as traders assess whether a recovery in Shibarium activity can fuel the meme token's next breakout. The layer-2 network, designed to process Shiba Inu transactions at lower cost before final settlement on Ethereum, has become a key metric for the project's long-term utility beyond social-driven speculation.
As of September 28, 2026, SHIB traded at $0.0000056, down 5.31% over the previous day and 0.23% over seven days. The token remained about 11.81% higher over the preceding month, with market capitalization near $3.295 billion and a circulating supply of roughly 589.24 trillion tokens. SHIB still sits approximately 93.5% below its all-time high of $0.00008616 from October 27, 2021. After briefly climbing above $0.000006 and reaching a multi-week high of $0.000006254 on positive Shibarium-related news, buyers failed to sustain momentum, and prices pulled back by roughly 10%.
Network data underscores the mixed outlook. Shibarium currently processes around 1,680 daily transactions, a sharp decline of about 99.96% from the 4.69 million daily transactions reported on August 21, 2025. Developers have addressed a chain reorganization issue, but migration to a new RPC service remains incomplete. Low transaction volume reduces fee generation and weakens support for SHIB's token-burning mechanisms, making network recovery a key condition for stronger price performance.
Despite the weak infrastructure data, SHIB posted its best monthly performance of 2026 in September. CryptoRank data shows a 13.5% monthly gain, building on a positive July close of about 12% and extending a three-month recovery streak. The token rose from around $0.00000507 at the start of September to a monthly high near $0.00000625. With bullish sentiment returning, analysts are now watching whether the typical October strength, often called Uptober, can support further demand and a more durable breakout.
