SHIB wallet ATH, price slides as Shibarium activity stalls

Published: 2026-07-13 21:32:50 |

Shiba Inu (SHIB) is in a heavy downtrend as its price continues to slide, even while on-chain demand signs improve. A new record was reported for SHIB wallet growth: BSCN said SHIB added nearly 75,000 new holders between July 5 and July 6, taking total wallets to 1,676,535 (all-time high). At the same time, SHIB’s market performance remains weak. The token trades around $0.0000042, down about 15% over the past month and roughly 95% below its 2021 peak. The article notes SHIB is still the second-largest meme coin, but its market position is fragile amid broader declines. It also references MemeCore (M), whose market cap fell below $2.5B, pushing it to the 36th-largest crypto. Operational activity also points to limited momentum. SHIB’s burning mechanism has slowed after a brief resurgence last week, and Shibarium—its L2 scaling network—has dropped to near-idle levels. Daily transactions have fallen from millions to thousands and even hundreds, especially after the exploit last year. Liquidity and attention are weakening too: SHIB daily trading volume is cited near $50M on July 13 versus roughly $700M a year ago. Analysts remain skeptical, with trader James Wynn calling SHIB “old, dead, and boring,” suggesting a potential multi-year wait for recovery.

Bearish

Despite a SHIB wallet ATH, the article highlights multiple bearish confirmations: SHIB’s price remains far below prior highs, daily trading volume has collapsed (from ~$700M to ~$50M), and Shibarium activity has nearly gone idle after prior security issues. In similar meme-coin cycles, wallet growth alone often fails to translate into sustained upside without liquidity expansion and real network usage; once volumes fade, rallies tend to be short-lived. Short-term, traders may treat the wallet spike as potentially noisy (the report even mentions possible data/technical glitch) and focus on weak volume and stalled L2 usage as headwinds, keeping rallies capped. Long-term, recovery would likely require a catalyst that re-accelerates Shibarium transactions and restores burn/interest momentum; otherwise, the downtrend narrative can persist even if holder counts keep creeping up.