Shiba Inu has experienced a sudden spike of 216% in network activity with 1.6 billion SHIB tokens added to on-chain metrics. The token is currently trading around $0.00000485, following another rejection at the $0.00000520-$0.00000530 level. Technically, SHIB has fallen below several short- and medium-term moving averages in the $0.00000500-$0.00000515 range, turning former support into resistance. The RSI has dropped below the neutral 50 level, signaling a lack of bullish momentum. Without associated buying pressure, this on-chain activity alone is insufficient to reverse the token’s current bearish structure.
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