- Shiba Inu Stabilization and Market Activity
- Shibarium Network Metrics
- Market Dynamics Analysis and Key Levels
Shiba Inu, the second-biggest meme coin, has stabilized amid continued outflows from centralized exchanges and increased whale activity.
Shiba Inu Stabilization and Market Activity
Shiba Inu (SHIB) rose to $0.000018, bringing the seven-day gains to 26.4% and its market cap to over $10.8 billion. At the same time, other meme coins like Mog Coin (MOG), Pepe (PEPE), and Dogwifhat (WIF) have also jumped by over 30% in the last seven days. On-chain data shows Shibarium’s network has reversed most of the gains made last week. The average transaction fee in Shibarium dropped to 0.0025 BONE, down from last week’s high of 0.054 BONE.
Shibarium Network Metrics
Additional data shows daily additions have decreased, while the cumulative number of Shibarium accounts has grown to a record high of 126,750. Last week saw 470 new accounts added, down from the high of 3,200 seen last month. Shibarium’s activity is important for Shiba Inu because a portion of the BONE generated in the ecosystem is converted into SHIB and burned. Data from Nansen shows that SHIB’s CEX outflows continued this week, with net outflows worth over $2.7 million in the last 24 hours.
Market Dynamics Analysis and Key Levels
Shiba Inu has seen a significant increase in whale activity. Santiment reports that SHIB ranked third in whale activity growth among cryptocurrencies with over $2 billion in market cap, following Injective and Wrapped Bitcoin. Last week, Shiba Inu reached a multi-month high of $0.000025, but then pulled back, crossing below the key support level at $0.000020. However, the coin remains above the 50-day and 200-day moving averages, suggesting the recent recovery may remain intact.
Shiba Inu continues to attract investor attention as it stabilizes and sees increased whale activity. Key support levels and moving averages will play a crucial role in the further price dynamics.
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