Shiba Inu Price: Does Shibarium Still Have a Future at 691 Transactions a Day?

The Shiba Inu price recovered slightly on Wednesday afternoon. According to CoinGecko, SHIB traded at $0.00000446 at around 5:45 p.m. CET on November 11, equivalent to €0.00000402 and 2.5 percent above the previous day. The rebound is thin, and a look at the project's own network explains why. On Shibarium, Shiba Inu's layer-2 blockchain, the official block explorer counted a mere 691 transactions on November 10.

What is established: the number of transactions on Shibarium has mostly stayed below 1,500 a day for weeks, the SHIB price has lost a good third of its value since the start of the year, and trading volume on exchanges has shrunk markedly over the past 30 days. Our assessment follows further down: without usage on its own blockchain, SHIB lacks a price argument that goes beyond sentiment.

In this article you will find the figures from the explorer, a comparison with the average since Shibarium launched, the chart levels that now matter, and what to keep in mind when buying and storing SHIB.

Shiba Inu price on Wednesday evening: $0.00000446 after six weeks of decline

The starting point is quickly told. On January 1, 2026, SHIB traded at around $0.00000692, according to CoinGecko's daily data. On Wednesday it stood at $0.00000446, down about 35 percent since the start of the year. A year ago, on November 12, 2025, the price was $0.00000965; since then its value has more than halved.

The short-term picture is similar. Over seven days SHIB is down 5.4 percent, over 30 days 16.2 percent. Bitcoin lost 10.4 percent over the same 30-day window and stood at around $74,200 on Wednesday afternoon. Shiba Inu is therefore falling harder than the market leader, a pattern typical of meme coins in weak market phases: investors who cut risk sell the most volatile positions first.

Wednesday's daily range ran from $0.00000433 to $0.0000045. Market capitalisation stood at around $2.63 billion, which puts SHIB in 38th place on CoinGecko. By comparison, Dogecoin, the larger meme coin, comes to around $10.8 billion and ranks 13th.

Shibarium in numbers: 691 transactions on November 10, 1,624 on average

Shibarium is the layer-2 blockchain that the Shiba Inu team launched in August 2023. A layer-2 blockchain is a separate network that processes transactions more cheaply than the main blockchain beneath it, in this case Ethereum, and secures its results there. Shibarium was meant to turn SHIB from a purely speculative asset into part of an ecosystem, with games, payments, decentralised exchanges and a burn mechanism that takes SHIB out of circulation.

The figures from the official explorer Shibariumscan paint a sober picture. In the 31 days from October 11 to November 10, it recorded a total of 50,340 transactions, an average of 1,624 a day. The median, the middle value when all days are ranked by size, was 1,067. A few outliers pull the average up: there were 7,296 transactions on October 19 and 6,371 on October 31. On 13 of the 31 days the network stayed below 1,000 transactions, with a low of 650 on October 17.

On November 10 the count was 691. On Wednesday afternoon the explorer put network utilisation at 0.06 percent. The fee stood at 0.03 gwei, a gwei being one billionth of a unit of the fee currency BONE. Applying this price to the roughly 82.4 million units of gas consumed up to the afternoon gives fees of about 0.0025 BONE for the day so far, a fraction of a cent.

Shibarium since August 2023: on paper, one million transactions a day

The overall total shows how deep the decline runs. Since launch, the explorer has recorded 1.22 billion transactions and almost 269 million addresses. Spread over the roughly 1,180 days since mid-August 2023, that works out at a little over one million transactions a day. Today the figure is a thousandth of that.

The calculation is rough: addresses can be created at will on a blockchain, and individual peak days may stem from automated activity. That does not change the direction, because a million and 691 are three orders of magnitude apart.

One turning point was the attack on the Shibarium bridge in September 2025. A bridge is the connection through which tokens move between Ethereum and Shibarium. According to The Block, the attack caused losses of around $4 million; the bridge then remained closed for several weeks, and the team announced refunds for affected users.

Why Shibarium activity matters for the SHIB price

The link between network and price runs through three channels. The first is the burn. Part of the fees on Shibarium is earmarked for buying SHIB and destroying it permanently, that is, sending it to an address from which nobody can retrieve the tokens. Few transactions mean few fees, and few fees mean practically no burn. With fees amounting to a fraction of a cent a day, this mechanism cannot noticeably reduce the supply of around 589 trillion SHIB.

The second channel is demand for the token itself. Anyone who trades, plays or pays on Shibarium needs SHIB or BONE to do so and keeps them in a wallet rather than on an exchange. Without that usage, most of the tokens sit on trading venues, where they can be sold in any weak phase. This fits a figure that the analytics firm CryptoQuant cited on Wednesday, according to U.Today: around 86 trillion SHIB are currently held on exchanges, worth about $383 million.

The third channel is the narrative. Meme coin prices live on attention. A project that can point to new applications, partnerships and rising user numbers gives buyers a reason to act. A network handling 691 transactions a day tends to do the opposite.

SHIB price since the Ryoshi report: what has changed since Tuesday

On Tuesday evening we reported on 137 fake tokens misusing the name Ryoshi. At the time, SHIB stood at around $0.00000443. Since then the price has gained almost one percent and has not fallen below Monday's daily close of $0.00000436. The $0.0000045 mark, where SHIB turned on Wednesday, was still acting as support in the days before; it now acts as a ceiling.

What is new is the broader market, which steadied on Wednesday: Bitcoin gained 1.5 percent on the day.

SHIB price chart levels: yearly low at $0.00000411, ceiling at $0.0000045

The most important level on the downside is the low for the year. Based on CoinGecko's daily data, it was set on July 17, 2026 at $0.00000411. SHIB turned higher from there over the summer, and analyst Arman Shirinyan, in his analysis for U.Today, names exactly this zone as the area where buy orders are likely to sit. From Wednesday's price, it is just under eight percent away.

On the upside, the first hurdle is $0.0000045, Wednesday's daily high and the level at which SHIB closed several times in early November. Above that lies the zone between $0.0000046 and $0.0000047: the price closed there between November 1 and November 5 before slipping below it towards the weekend. Only a close above $0.0000049, the level of late October, would call into question the downtrend that has been in place since mid-October.

If the yearly low gives way, the picture looks thin. In the chart of the past twelve months there is no level below it at which SHIB traded for any length of time. Shirinyan puts it this way: below this mark there is no longer any clear support. That is an assessment rather than a forecast, but it explains why the zone at $0.00000411 is drawing so much attention.

SHIB trading volume down 40 percent: less turnover on exchanges

Exchange turnover matches the low usage on the project's own blockchain. According to CoinGecko, SHIB worth around $54 million changed hands per day on average over the past 30 days. In the 60 days before that, the figure was around $90 million a day. Volume has therefore fallen by around 40 percent.

Low volume cuts both ways. It makes a slump less likely as long as no large sellers appear, but it also makes a sustained recovery difficult. When a whale, meaning a holder with a very large position, sells into a thin market, the price moves more than it would in a phase of high turnover. On Wednesday, 24-hour volume was around $48 million, below the monthly average.

Shibarium and the SHIB price: our assessment

In the editorial team's view, there is currently little to suggest that Shibarium will give the price a tailwind in the short term. The evidence: 691 transactions on November 10, a monthly average of 1,624 compared with a theoretical one million since launch, network utilisation of 0.06 percent and fees that produce no measurable burn. Add to that trading volume that has fallen by 40 percent. A turnaround would need an external trigger, such as a recovery in the broader market or a new application that brings users back.

The counter-argument: meme coin prices depend more on sentiment across the market than on their own blockchain. Wednesday shows this on a small scale. Bitcoin gained 1.5 percent on the day and SHIB 2.5 percent, even though Shibarium had less traffic the day before than on almost any other of the past 31 days. Our answer to the question in the headline is therefore as follows. As a price argument, Shibarium currently has no future; as a project, it has not been written off as long as the team keeps building. Only the first part can be backed up today.

This assessment of the situation is no recommendation to buy or sell. Meme coins can fluctuate sharply, and a total loss is possible.

Buying and holding Shiba Inu: MiCA-licensed exchanges and custody

If you want to buy SHIB or rearrange your holdings, use a provider authorised in the EU under the MiCA regulation. MiCA stands for Markets in Crypto-Assets and, since the end of 2024, has set uniform rules on the obligations crypto service providers in the EU must meet, from the segregation of client funds to supervision. Which platforms hold a licence and what they charge is shown in our comparison of regulated crypto exchanges. Our overview of the obligations under the MiCA licence explains exactly what providers have to do.

On custody: SHIB is a token on Ethereum. If you withdraw it from an exchange, you need a wallet that handles Ethereum tokens, and you must choose the right network when sending. A transfer to Shibarium is a separate step via the bridge and is not needed simply to hold SHIB. Unless you use an application there, it brings you no advantage.

Depending on the country you live in, gains from crypto such as SHIB may be taxable; tools that help with the paperwork are listed in our comparison of crypto tax software.

Shiba Inu price: no support in sight below $0.00000411

The situation on Wednesday evening can be summed up in three points, each with a concrete step.

1. Set your levels: The yearly low at $0.00000411 is the line on which the trend hinges; the ceiling is at $0.0000045. If you hold SHIB, decide in advance what you will do if support breaks, and set a price alert at your exchange. The comparison of crypto exchanges shows which platforms handle this well.
2. Check your provider: If you add to or reshuffle your position, use an exchange with MiCA authorisation. The overview is in the comparison of regulated crypto exchanges.
3. Keep your records: Export your exchange's transaction history now. You will find a suitable program in the comparison of tax tools.

For more on the project itself, on Shibarium, BONE and the history of the token, read our explainer What is Shiba Inu?

(As of November 11, 2026. This article is not investment advice. Prices and fee structures change; check the terms with the provider before you buy.)