The volume of transactions on Shiba Inu reached 5.76 trillion SHIB on May 20, a startling increase. The underlying on-chain metrics and price structure point to a more complex, and potentially bearish, reality despite the headline's potential to thrill retail traders. Technically speaking, SHIB recently recovered from the 100-day exponential moving average (EMA), and it is currently serving as dynamic support in the $0.00001440-$0.00001460 range. The daily chart zone of strong historical support corresponds with this rebound. The RSI is far from indicating an overheated rally, but it has returned to neutral territory, suggesting renewed buying interest. More significantly, the price is currently getting closer to the black line or critical 200 EMA at $0.0001600. Over the last few months, price action has been drawn to and held at this level. The road to $0.000020 might finally open if SHIB is able to break through this barrier, ending a lengthy trend of lower highs. However, both technical momentum and strong on-chain confirmation would need to come together for such a breakout. The sharp increase in transaction volume, which topped 5.76 trillion SHIB, appears to be more the result of internal repositioning or distribution than of organic accumulation. IntoTheBlock's on-chain metrics reveal four bearish signals: declining addresses in the money flat net network growth and declining whale concentration. Retail enthusiasm is also waning, as evidenced by a slight decline in Telegram activity and community engagement. On top of that, 54% of SHIB holders are still underwater, which increases sell-side pressure whenever the price even slightly rises. Since large holder wallets hold 74% of the token supply, any increase in volume caused by these entities is just as likely to precede a dump as it is a pump. In other words, this recent volume spike may be more about smart money cashing out than rally preparation unless SHIB confidently breaks and holds above the 200 EMA and clears $0.000015.