Shiba Inu, the second-largest meme coin, has stabilized amidst continued outflows from centralized exchanges and increased whale activity.

Shiba Inu’s Performance

Shiba Inu (SHIB) rose to $0.000018, marking a 26.4% gain over the past seven days and pushing its market cap to over $10.8 billion. This strength aligns with other meme coins like Mog Coin (MOG), Pepe (PEPE), and Dogwifhat (WIF), all of which have surged by over 30% in the last week.

Shibarium Network Activity

On-chain data indicates that Shibarium’s network has reversed most of its gains from the previous week. According to recent data, the average transaction fee in Shibarium has dropped to 0.0025 BONE, down from last week’s peak of 0.054 BONE. Although daily additions have decreased, the cumulative number of Shibarium accounts has reached an all-time high of 126,750. Last week saw 470 new accounts added, a decrease from the 3,200 added last month.

Shibarium’s activity is crucial for Shiba Inu as a portion of the BONE generated in the ecosystem is converted into SHIB and burned.

Investor Sentiment

There are signs of bullish sentiment among investors. Data shows that SHIB’s centralized exchange (CEX) outflows continued this week, with net outflows worth over $2.7 million in the last 24 hours. The total tokens on exchanges have dropped by 0.3% in the last seven days to over 254.2 trillion, equivalent to $4.5 billion. This outflow is often seen as positive, suggesting that investors are moving their coins to self-custody.

Whale Activity

According to recent data, Shiba Inu has seen a significant increase in whale activity, with many buying the dip. Other tokens with notable activity include Injective, Wrapped Bitcoin, and Maker DAO.

Among cryptocurrencies with at least a $2B market cap, these projects are seeing the highest rises in whale activity compared to the previous week: Injective (+456%), Wrapped Bitcoin (+421%), Shiba Inu (+360%), Maker DAO.

Shiba Inu Technical Analysis

Shiba Inu bounced back last week, reaching a multi-month high of $0.000025. However, it pulled back as the recent crypto bull run faded, crossing below the key support level at $0.000020. SHIB also dropped below the 61.8% retracement level. Despite this, it has remained above the 50-day and 200-day moving averages, suggesting that the recent recovery may remain intact. Further upside will be confirmed if the coin rises and flips the resistance at $0.000020 into a support level.

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