While everyone is bearish on SHIB, on-chain data tells a completely different story.

As an observer who frequently studies on-chain movements, I noticed that the SHIB project exhibits a very typical market split phenomenon. On one hand, the price has fallen 90% from its all-time high, which looks really grim. On the other hand, the burn data has surged by 530% in a single day, and this contrast is quite interesting.

Just last December, SHIB burned 37.53 million tokens in one day, and such large-scale burns have been happening consistently over the past few months.

01 Surface-level difficulties
Looking at the K-line, SHIB has indeed been struggling. In October last year, SHIB's open interest contracts plummeted by over 80%, breaking the $100 million mark and hitting a new low.

More painfully, since late July, SHIB's price has been oscillating within a downward channel, losing two digits over the entire period. What does this slow and steady decline indicate? Clearly, investor enthusiasm is waning, and buying momentum is severely lacking.

Data platform statistics also confirm this — in the past two weeks, the number of new unique addresses involved in SHIB transactions has dropped by 30%. The activity of new users is declining, which is a bad sign for any cryptocurrency.

02 Hidden on-chain movements
But when I dug deeper into the on-chain data, I found an interesting contrast.

Although