Not many people in here know much about N64 Gamesharks I guess...
Your 3.3 Gameshark has probably corrupted. This tends to happen when you use it a lot, or use keycode games. You can easily reflash the GS ROM by putting the bad cartridge on top of a working GS Pro with a functional parallel port, then using a PC to reflash. Here's a detailed article on the procedure:
http://micro-64.com/features/gsre...
I can reflash Gameshark carts for the cost of shipping too. Only problem is I'm in Canada.
Also, boosted, the button on the Gameshark is the "GS Button", it's typically used to activate cheat codes in-game. It's not an on/off button.