Shiba Inu layer 2 Shibarium saw an uptick in daily transaction count heading into the weekend, sparking optimism following a period of stagnation on the network.
Shiba Inu (CRYPTO: SHIB) has fallen to its lowest market cap ranking in history at number 33, down from a peak valuation of $50 billion to just $2.48 billion today. How Far Has SHIB Fallen?
Half of the year is done, but what about the rest of the year?
Shiba Inu is once again showing signs of heightened activity as exchange outflows surge while price volatility begins to return. According to recent on-chain data, SHIB's seven-day average exchange outflow jumped by more than 126%, one of the largest increases recorded in recent weeks.
Brokerage platform Robinhood remains atop Shiba Inu's holder list with more than 39.27 trillion SHIB currently held in a wallet related to the trading platform.
Shiba Inu has seen its exchange activity slow significantly as investors appear to be taking caution again amid the broader crypto market downturn.
After falling about 33% from its most recent local peak, Cash Cat has entered a severe corrective phase. The market capitalization of the Noxa-affiliated meme coin is currently close to $89 million, which is significantly less than the $200 million+ valuation it momentarily attained during its explosive growth.
SHIB's still stuck in a protracted downtrend, but the unprecedented reserve dip hints at long-term bull energy.
Arkham data shows the U.S. government moved nearly 54.9 billion SHIB seized from FTX and Alameda.
In just ten days, Shiba Inu's exchange reserves have lost about 1.4 trillion SHIB, indicating a significant change in exchange-related activity. Recent on-chain data shows that total exchange reserves dropped to 86.48 trillion SHIB, following a pattern that has been emerging throughout July.
After months of relentless selling pressure, Shiba Inu may finally be stabilizing. A significant on-chain development has drawn traders' attention even though SHIB is still mired in a wider downtrend: roughly 148.7 billion SHIB tokens have left exchanges, resulting in one of the biggest recent negative netflow readings.
With almost 100 billion SHIB entering exchanges over the past 24 hours, Shiba Inu is under fresh selling pressure and investors are worried about another wave of distribution. Recent on-chain data indicates that exchange inflows totaled about 96 billion SHIB, while exchange outflows were about 112 billion SHIB.