Shiba Inu stabilises after strong weekly gains
The increase is attributed to heightened whale activity and outflows from centralised exchanges, indicating growing investor confidence.
Shiba Inu, the second-largest meme coin, has seen a period of stability after a surge that raised its value by 26.4% over the past week, pushing its market cap above $10.8 billion. This rise coincided with a boost in whale activity and continued outflows from centralised exchanges, suggesting growing investor confidence in the coin.
Despite the positive trends, Shibarium’s network has seen a decline in transaction fees, dropping to 0.0025 BONE. New account additions have slowed, but the total number of Shibarium accounts has reached a record 126,750, showing sustained interest in the ecosystem. A portion of BONE generated within Shibarium is converted into SHIB and burned, impacting Shiba Inu’s value.
Shiba Inu’s price has pulled back slightly after hitting a multi-month high, crossing below key resistance levels. However, with the coin holding above its 50-day and 200-day moving averages, there is potential for further upside if it can turn the resistance at $0.000020 into support.
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