Shiba Inu (SHIB) is struggling to regain momentum as it trades mostly flat on Thursday. Despite a small gain of 2.17% in the past 24 hours, the token remains down about 95% from its all-time high.
The prolonged downtrend has been exacerbated by weak market conditions and ongoing selling pressure. Over the past week, SHIB declined by nearly 3%, extending a longer trend of underperformance.
Community morale has weakened considerably compared to previous market cycles, with investors waiting for renewed momentum from the project's leadership. Shytoshi Kusama, the pseudonymous lead developer, has maintained a relatively low profile in recent months, having previously outlined long-term ecosystem expansion plans centered on Shibarium and broader Web3 development.
Shibarium's activity has been a major concern for the ecosystem, with daily transactions falling to roughly 1,100. This is a significant drop from its peak of over 4 million transactions per day. The slowdown suggests lower on-chain participation and reduced engagement from users who once viewed Shibarium as a major growth engine for the SHIB ecosystem.