Dogecoin and Shiba Inu slid deeper into selloff territory even as on-chain activity spiked, underscoring a growing disconnect between network usage and price action across the meme-coin sector. Despite a 36% surge in Dogecoin active addresses, prices fell 3%, with Shiba Inu also losing 2%. Dogecoin active addresses jumped 36% over the past week to more than 71,400, signaling renewed participation on the network.
But the surge failed to support prices, with DOGE falling 3% to about $0.102 and Shiba Inu dropping 2% to roughly $0.0000066. Heavy net outflows, weakening technical structures, and broken support levels suggest both tokens remain vulnerable to further downside, as increased activity appears driven more by distribution than accumulation.
Dogecoin, originally created as a joke in 2013, briefly soared to a $90 billion market cap in 2021 but has since lost over 90% of its value. Shiba Inu has been volatile after recently hitting a monthly low of $0.0000065 on February 1, following a high of $0.0000097 on January 6. Shiba Inu is testing critical support at $0.00000638, and a breakdown below this level could push it to $0.0000055. The meme-coin dynamic highlights how on-chain usage can rise without translating into price gains, a risk for traders focusing on near-term moves.
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