Dogecoin and Shiba Inu on-chain activity increased while both tokens continued to decline in price. The rise in blockchain usage occurred alongside further losses for the two meme cryptocurrencies. Data showed that higher transaction activity did not translate into price gains during the reported period.
Dogecoin and Shiba Inu On-Chain Activity Shows Increased Network Usage
Dogecoin recorded a sharp increase in active addresses over the past week. The number of active Dogecoin addresses rose by about 36% to more than 71,400. Despite the higher activity, Dogecoin’s price fell roughly 3% and traded near $0.102. The increase in transactions coincided with strong net outflows rather than accumulation.
Shiba Inu also experienced a rise in on-chain metrics during the same period. However, its price declined by approximately 2% to around $0.0000066. Both tokens failed to hold key technical support levels as prices moved lower.
Dogecoin and Shiba Inu On-Chain Activity Linked to Distribution Trends
On-chain data suggested that increased activity was largely driven by distribution. Wallet movements indicated selling pressure rather than long-term holding. Dogecoin and Shiba Inu both saw heavy net outflows during the decline. Market structure weakened for both assets after support levels were broken.
Dogecoin was created in 2013 and previously reached a market capitalization close to $90 billion at its peak. Since then, it has lost more than 90% of its value. In 2025, Dogecoin remained down about 62% year to date. The asset has no fixed supply cap, resulting in ongoing token issuance.
Shiba Inu Performance and Network Data
Shiba Inu tested monthly lows near $0.0000065 on February 1, 2026. The token traded about 92% below its October 2021 all-time high. Shiba Inu remained below major moving averages during the reporting period. The price was also testing short-term support near $0.00000638.
Daily transaction volumes on the Shiba Inu network remained relatively low. Shibarium activity showed limited sustained growth. Resistance levels near $0.00000732 and above were not tested during the decline. Bitcoin price movements and token burn activity were identified as factors to watch alongside Dogecoin and Shiba Inu on-chain activity.
Source: https://crypto.news/dogecoin-shiba-inu-slid-deeper-on-chain-activity-spike/
