Shiba Inu steady as CEX outflows and whale activity rise
Release: 2024/10/01 20:54 Reading: 712
Shiba Inu Rallies Amid Outflows and Whale Activity
Shiba Inu (SHIB), the second-largest meme coin, has stabilized as investors withdraw funds from centralized exchanges and whale activity surges.
SHIB has climbed to $0.000018, pushing its seven-day gains to 26.4% and its market capitalization to over $10.8 billion.
Other meme coins have experienced similar growth, with Mog Coin (MOG), Pepe (PEPE), and Dogwifhat (WIF) all rising by over 30% in the past week.
Shibarium's Network Activity
Shibarium's transaction fees have declined sharply, averaging 0.0025 BONE, down from last week's peak of 0.054 BONE.
Despite fewer daily additions, the total number of Shibarium accounts has reached a record high of 126,750.
Positive Investor Sentiment
Data from Nansen indicates that SHIB outflows from exchanges continue, with net outflows exceeding $2.7 million in the past day.
An outflow from centralized exchanges is viewed positively as investors move their assets into self-custody.
Whale Activity
Santiment data reveals a significant uptick in whale activity surrounding Shiba Inu, with most large investors buying the dip.
Shiba Inu remains above key moving averages, indicating that the recent recovery may continue. A breakout above $0.000020 could confirm further upside potential.
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