Shiba Inu Eyes Recovery as Shibarium Hits 1 Billion Transactions Despite Market Jitters
Shiba Inu (SHIB) took a sharp hit in the wake of rising U.S.-China tensions, plunging over 16% to a 19-month low of $0.00001038 as investors exited risk assets following President Trump’s aggressive new tariff measures. But despite the broader sell-off, signs are emerging that the meme coin may be staging a technical rebound.
Ecosystem Milestone: Shibarium Surpasses 1 Billion Transactions
Even as SHIB’s price slipped, its layer-2 scaling network, Shibarium, marked a major milestone — crossing 1 billion total transactions. The Ethereum-based protocol has processed more than 10.3 million blocks, with a daily average of 4.4 million transactions, making it one of the most active scaling solutions in the ecosystem.
Bullish Patterns Amid Bearish Sentiment
SHIB’s recent downturn, from $0.00001239 to $0.00001038, coincided with a surge in trading volume that peaked at 3.6 billion on April 7th. Yet technical analysts are flagging early signs of recovery. A double-bottom formation has appeared near the key support level of $0.00001050, and SHIB has since climbed back to $0.00001097 on growing volume.
While open interest has dropped by $454 million since January and funding rates remain negative, SHIB’s formation of higher lows and a new ascending channel suggest bullish momentum could continue — especially if the token breaks through short-term resistance at $0.00001108 and tests the next ceiling around $0.00001150.
Key Technical Takeaways:
- SHIB declined 16.2% but has since rebounded 4.2% from its session low.
- A double-bottom pattern has formed near $0.00001050, with signs of accumulation just below resistance.
- Volume spikes, including a notable 29.8 million surge at 09:08, reinforce bullish strength.
- Support is holding firm near $0.000010965, within an uptrend channel capped at $0.00001108.
While short-term sentiment remains cautious due to macro uncertainty, Shiba Inu’s technical structure and the continued growth of Shibarium suggest the recent drop may be short-lived.
