Shiba Inu’s value is now down by about 35% on a yearly basis, with the meme coin trading around $0.000006 as of early April 2026, a far cry from the $0.00000923 range it touched in early January.
The meme coin has spent the past three months on an extended decline, which has continued into the recent weekend. Several converging developments explain why the decline has been so persistent and why the road to recovery is currently uncertain.
On-Chain Weakness And Stalled Shibarium Adoption
The most damaging blow to SHIB’s fundamental case is from its own Layer-2 network. Since Shibarium’s launch in August 2023, the meme coin’s price movement has been tied to interest and the activity on the Layer-2 network.
However, on-chain data shows a clear drop in user activity and demand across the network. This drop in Shibarium user activity kicked off in September 2025, when the network faced one of the largest attacks in its history, and the consequences extended beyond t
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