SHIB Drops 2.2% Amid Risk-Off Despite Wallet Growth and OI Surge

Swatilakha Saha2 hours ago

3 minutes read

SHIB Drops 2.2% Amid Risk-Off Despite Wallet Growth and OI Surge

What to Know

SHIB fell 2.24% to $0.00000610, mainly due to a broader market pullback and weaker sentiment toward meme coins.

Open interest surged 20%+ and wallet count jumped 87.7%, showing rising interest.

Key level to watch is $0.00000600; holding above it could support a rebound, while a drop may lead to further losses.

Shiba Inu (SHIB) is down 2.24% in the last 24 hours, now trading at $0.00000610. The drop comes even as the broader crypto market shows slight weakness. While the fall may worry some investors, there is no clear negative news tied directly to SHIB. Instead, the move appears to be part of a wider market trend.

The overall crypto market has taken a small step back, with Bitcoin also slipping around 1.65% during the same period. When Bitcoin moves down, smaller tokens like SHIB often fall even more.

Market Mood Turns Cautious

The recent decline is mainly due to a “risk-off” mood across the market. This simply means investors are becoming more careful and are moving money away from riskier assets. Meme coins like SHIB are usually among the first to be affected in such situations. Another sign of this shift is the drop in the Altcoin Season Index, which has fallen to 34.

Despite this, SHIB climbed more than 7% during the week leading into April 22 and pushed through a multi-year descending triangle pattern on the daily chart.

SHIB Ecosystem Growth

Roughly 505 billion SHIB were withdrawn from centralized exchanges over the past week. That is a classic signal of holders moving tokens into self-custody rather than preparing to sell. Outflows at that scale tend to precede longer holding windows and can tighten available supply if the pattern continues. The SHIB team’s Layer 2 has been in the news for an engineering milestone, and ecosystem headlines tend to bring speculative money back into the parent token. The Shibarium Layer 2 crossed 1 billion total transactions, a figure the project has been pushing toward for months. The milestone matters for SHIB’s narrative because the chain generates automatic burns of BONE and, indirectly, SHIB supply through fee activity.

The team is also working toward a Q2 2026 privacy upgrade built on fully homomorphic encryption. The integration is being developed with cryptography firm Zama and is intended to enable encrypted transactions and data processing on Shibarium, opening doors for privacy-preserving DeFi and gaming applications.

The LEASH v2 migration continues in phases following its security audit, and other roadmap items include continued Layer 3 expansion and AI-related tooling that the team has been teasing in community updates.

Another major development is the sharp rise in open interest. Data shows that open interest jumped more than 20% on April 21, reaching $68.78 million. Trading activity also surged by 95%. Another strong signal is the rise in wallet addresses. Over the past week, more than 5,600 new wallets were created, marking an 87.7% increase. The total number of SHIB holders has now crossed 1.56 million. Alongside this, BONE holder count has crossed 93,000 addresses, with 5,653 new holders added in the past week, an 87% growth, driven by Shibarium activity, rising on-chain usage, and a clear shift toward active participation over passive holding.

Key Price Levels to Watch

From a price perspective, SHIB is currently sitting close to an important support level at $0.000006. This level has acted as a safety zone in the past. SHIB is trading around its 7-day SMA of $0.000006095 and below its 30-day SMA of $0.000006165. The immediate pivot point is $0.000006111. At the time of writing, Shiba Inu is trading at around $0.000006148.

Another key event is the upcoming FOMC meeting on April 28 to 29, 2026. Decisions from this meeting can affect how much money flows into markets, including crypto. A positive outcome could boost confidence, while a cautious stance could keep pressure on prices.

Final Take

For now, SHIB’s drop looks more like a reaction to market conditions rather than a problem with the token itself. Even though the price is down, rising trading activity and growing user numbers show that interest in SHIB is still strong. The short-term outlook remains slightly cautious. Everything depends on whether SHIB can hold above the $0.00000600 level and whether the broader market finds strength again.

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Swatilakha Saha2 hours ago

3 minutes read