Shiba Inu steady as CEX outflows and whale activity rise

Shiba Inu, the second-largest meme coin, has stabilized as outflows from centralized exchanges continue and whale activity increases.

Shiba Inu (SHIB) rose to $0.000018, adding seven-day gains of 26.4% and a market cap of over $10.8 billion.

Its strength matches that of other meme coins such as Mog Coin (MOG), Pepe (PEPE), and Dogwifhat (WIF), which are up over 30% in the last seven days.

On-chain data shows that the Shibarium network has reversed most of last week’s gains. According to Shibariumscan, the average transaction fee on Shibarium dropped to 0.0025 BONE from last week’s high of 0.054 BONE.

Additional data shows that daily additions have decreased and the cumulative number of Shibarium accounts has reached a record high of 126,750. 470 new accounts were added last week, down from a peak of 3,200 accounts last month.

The activity of the Shibarium is important for the Shiba Inu because part of the BONE produced in the ecosystem is converted to SHIB and burned.

On the positive side, there are signs that investors are looking favorably on the Shiba Inu. Data from Nansen shows that SHIB’s CEX outflows continued this week, with net outflows in the last 24 hours being over $2.7 million. Total tokens on exchanges fell 0.3% in the last seven days to over 254.2 trillion dollars, or $4.5 billion.

Exit from centralized exchanges is generally seen as a positive as it means investors are shifting their cryptocurrencies into their own custody.

Meanwhile, Santiment’s data shows that Shiba Inu are experiencing a significant increase in whale activity as most whales are buying at the bottom. Other tokens with notable activity include Injective, Wrapped Bitcoin, and Maker DAO.

Shiba Inu Shiba Inu price stable above major moving averages | Chart by TradingView

Shiba Inu rebounded last week to reach a multi-month high of $0.000025. It then pulled back as the recent crypto bull run weakened and fell below the key support level of $0.000020, the highest rise on July 17. SHIB also fell below the 61.8% retracement level.

However, the fact that it remains above the 50-day and 200-day moving averages indicates that the recent recovery may remain intact. Further upside will be confirmed if the coin rises and reverses resistance at $0.000020 to the support level.