Shiba Inu 的持续下行螺旋：代币持续暴跌背后的原因是什么

Shiba Inu 的价值目前每年下跌约 35%，截至 2026 年 4 月初，这款 Meme 币的交易价格约为 0.000006 美元，与 1 月初触及的 0.00000923 美元区间相去甚远。

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.

链上弱点和 Shibarium 采用停滞

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. Shibarium 用户活动的下降始于 2025 年 9 月，当时该网络面临其历史上最大规模的攻击之一，其后果不仅仅是直接的经济损失。

Prior to the incident, daily transactions processed on Shibarium were in the millions; after the exploit, they plummeted to mere thousands.根据 Shibariumscan 的数据，目前过去 24 小时内每日交易量约为 1,230 笔，4 月 4 日交易量降至 557 笔。

尽管如此，还值得注意的是，Shibarium 最近进行了重大基础设施升级，包括对其后端系统进行全面重新索引，这可能是导致过去几天交易吞吐量暂时放缓的原因。

Traders Continue Pulling Out With Fading Confidence

衍生品市场也显示出对柴犬信心减弱的迹象。 Recent data reveals a noticeable drop in open interest, meaning traders are closing positions and stepping away from Shiba Inu. Coinglass 的数据显示，目前 Shiba Inu 在主要交易所的未平仓头寸为 5425 万美元，比上个月同期记录的 6523 万美元下降了 16%。

The decline is even more pronounced when looking at its yearly high. Back in January, open interest was sitting at $145.40 million, which means current levels reflect a steep 63% drop since then.

更令人担忧的是外汇流入的增加，大量 $SHIB 被转移到交易平台，这通常是抛售压力的前兆。根据 CryptoQuant 的数据，在过去 24 小时内，流入交易所的柴犬净流量为 69 亿美元 SHIB，这意味着发送到加密货币交易所的柴犬数量多于离开的柴犬数量。 Interestingly, this netflow figure recently reached as high as 39 billion $SHIB within a 24-hour period.

However, $SHIB’s price troubles are structural to the entire meme coin niche.根据 Coingecko 的数据，所有 Meme 币的市值目前已达 340 亿美元，而年初至今的高点已超过 1097 亿美元。

一维图表上 $SHIB 的交易价格为 0.000006 美元 |资料来源：Tradingview.com 上的 SHIBUSDT