Shiba Inu, the second largest coin, stabilized as outflows from centralized exchanges continued and whale activity increased.
Shiba Inu (SHIB) rose to $0.000018, bringing the seven-day gains to 26.4% and its market cap to over $10.8 billion.
Its strength has coincided with that of other meme coins like Mog Coin (MOG), Pepe (PEPE), and Dogwifhat (WIF), all of which have surged more than 30% in the past seven days.
On-chain data shows that Shibarium’s network has reversed most of the gains made over the past week. According to Shibariumscan, the average transaction fee at Shibarium fell to 0.0025 BONE, down from last week’s high of 0.054 BONE.
Additional data shows that daily additions have declined, while the cumulative number of Shibarium accounts reached an all-time high of 126,750. Last week, 470 new accounts were added, compared to 3,200 last month.
Shibarium activity is important to the Shiba Inu because some of the OS generated in the ecosystem is converted to SHIB and burned.
On the positive side, there are signs that investors are bullish on the Shiba Inu. Data from Nansen shows that CEX outflows from SHIB continued this week, with net outflows worth over $2.7 million in the past 24 hours. The total number of tokens on exchanges fell 0.3% over the past seven days to over 254.2 trillion, the equivalent of $4.5 billion.
An exit from centralized exchanges is often seen as positive because it suggests investors are putting their coins into safe custody.
Meanwhile, Santiment data shows that Shiba Inu has seen a significant increase in whale activity, with most of them buying into the swim. Other tokens with notable activity include Injective, Wrapped Bitcoin, and Maker DAO.
Shiba Inu stable above key moving averages
Shiba Inu rebounded last week, reaching a multi-month high of $0.000025. It then pulled back as the crypto’s recent bull run faded, falling below the key support level at $0.000020, its swing high on July 17. SHIB also fell below the 61.8% retracement level.
However, it remained above the 50 and 200 day moving averages, suggesting that the recent rally may remain intact. Further upside potential will be confirmed if the coin rises and moves the $0.000020 resistance to a support level.
