While the Shiba Inu price has been in the red over the past week, there have been some major changes in on-chain metrics that suggest the meme coin could be turning green soon. The changes include participation in things ranging from on-chain decentralized finance (DeFi) usage, down to the community-led burn in a bid to reduce the massive supply of this altcoin. Both of these things have seen a notable uptick, suggesting that mindshare in SHIB could be growing quickly.
Green Metrics For Shiba Inu On-Chain
The first major change that Shiba Inu has seen on-chain is the rise in the Total Value Locked (TVL) on its Layer 2 blockchain, Shibarium. Since its launch in August 2023, the Shibarium network has struggled to keep up with competitors, with participation nearly dying off at some point. However, there is currently a change as interaction has risen and the TVL has jumped along with it.
Data from DeFiLlama shows that the Shibarium TVL has now crossed $4 million again after crashing in April 2025. This comes with increased usage of DeFi protocols on the blockchain such as K9 Finance, ShibaSwap, and WoofSwap, all of which have seen an at least 10% increase in usage in the last month. ChewySwap has grow the most during this time with a 20.43% increase in TVL in the space of one month.
While the current TVL of $4.07 million is not the highest that Shibarium has seen this year, it is still quite high compared to its January 2025 peak of $6.36 million.
SHIB Burn Rate Jumps 352% In One Week
The Shibarium network is not the only thing that has been seeing increased participation from the Shiba Inu community as the burn rate is also on the rise. According to the Shibburn website, which tracks the progress of the Shiba Inu community burn, there has been a 352% uptick in the burn rate over the last week.
At the time of writing, there have been over 330 million SHIB tokens sent out of circulation forever in just a single week, a notable increase compared to the previous week. In the 24-hour period, over 16.8 million tokens were burned, resulting in a 660% daily surge as well.
Can The Shiba Inu Price Turn Green?The Shiba Inu price has not seen much in the way of a rally, but the developments suggest that an impact could be coming soon. In addition to community participation, there has been an uptick in the trading volume of Shiba Inu, rising by more than 13% on Tuesday to cross $143 million.
There has also been a notable uptick in whale transactions, that is, transactions carrying at least $100,000 worth of SHIB, rising by over 450% from May 4 to May 5. IntoTheBlock data shows a rise from 1.13 trillion to 6.67 trillion SHIB moved in the space of 24 hours.
It is possible that these transactions could be for selling. However, if the reverse is the case and accumulation is on the rise, then it is possible that the Shiba Inu price could reverse quickly and turn green alongside its on-chain metrics.