Shiba Inu (SHIB) is sending mixed signals this week. On-chain activity is picking up, with active addresses surging 16% from their April 11 lows. Rakuten Wallet is preparing to list SHIB for trading against JPY, opening a path to 44 million users and over five million merchant locations across Japan. At the same time, a $440 million short liquidation event has shaken up derivatives positioning, and DJ Steve Aoki has fully exited a four-year SHIB position. The token trades near $0.0000058, stuck in a tight range despite the headline activity.
Active Addresses Rebound From 33% Drop
CryptoQuant data shows that active addresses on the Shiba Inu network fell sharply on April 11, dropping from a weekly high of 2,568 to 1,707, a decline of roughly 33% in a single day. The drop coincided with a volatile market session that drained participation across meme tokens.
Since then, the metric has recovered over four consecutive days, reaching 1,986 active addresses by April 15. That represents a 16.8% rebound and suggests that network participants are gradually returning as broader crypto sentiment shifts bullish.
Rakuten Wallet Lists SHIB for JPY Trading and Payments
Rakuten Wallet announced it will support SHIB trading against JPY and integrate the token into its payments infrastructure. Users will be able to purchase SHIB with Rakuten Points and convert Rakuten Cash into SHIB for spending at over five million merchant locations across Japan. The listing operates under Japan’s Financial Services Agency (FSA) framework, one of the strictest crypto regulatory environments globally.
Rakuten Pay serves 44 million users, making this one of the largest real-world payment integrations for any meme token to date. However, a community member reported that the listing’s originally scheduled April 15 launch has been postponed, with a new date to be confirmed on Rakuten Wallet’s official site.
$440M Short Liquidation Resets Derivatives Positioning
A broader crypto market rally triggered approximately $440 million in short liquidations across derivatives markets. SHIB benefited from the squeeze, with its spot trading volume surging 50% within 24 hours to $127.25 million according to CoinMarketCap data. The price briefly pushed up nearly 3% to $0.00000594 before fading.
The volume spike marks a clear departure from the subdued trading activity seen through most of the prior week, when SHIB volumes sat well below their 30-day average.
Steve Aoki Exits After Four Years, Price Remains Range-Bound
On the other side of the ledger, DJ and crypto influencer Steve Aoki has fully liquidated his SHIB holdings through Gemini, ending a position he held for roughly four years. The exit adds to the narrative pressure facing meme tokens, as high-profile holders cycle out of positions that were accumulated during the 2021-2022 hype cycle.
Despite the positive address and volume data, SHIB’s price remains compressed in the $0.0000058 to $0.0000060 range. Analysts point to three structural headwinds: a weakening meme coin narrative in the current cycle, thin market liquidity, and an unclear long-term value proposition beyond community-driven sentiment.
SHIB Weekly Snapshot
| Metric | Value |
|---|---|
| Active Addresses (Apr 15) | 1,986 (+16.8% from Apr 11 low) |
| Active Address Low (Apr 11) | 1,707 (-33% from weekly high) |
| 24h Trading Volume | $127.25M (+50%) |
| Market-Wide Short Liquidations | $440M |
| Current Price | ~$0.0000058 |
| Rakuten Pay Users (Potential) | 44 million |
Adoption vs. Liquidity: The Central Tension
SHIB is caught between real adoption progress and persistent market structure problems. The Rakuten integration, if fully launched, would give the token a payment footprint that few meme coins can match. The address rebound and short liquidation wave show that trader interest is not dead.
But the compressed price range, the exit of long-term celebrity holders, and the thin liquidity environment all suggest that SHIB needs more than headline catalysts to break out. The token’s ability to sustain activity growth beyond short-term spikes will determine whether the Rakuten listing becomes a turning point or just another data point in a sideways trend.
