Shiba Inu (SHIB) Outperforms Altcoin Market with 12.57% Gains on the Weekly Chart

Along with the recovery in the altcoin market, meme coins too have staged a stronger recovery. In particular, Shiba Inu (SHIB) has managed to outperform

Meme coins are staging a stronger recovery together with the rest of the altcoin market. In particular, Shiba Inu (SHIB) has managed to outperform the rest of the altcoin market with 12.57% gains on the weekly chart.

At press time, Shiba Inu’s price is up 1.40% and is currently trading at $0.00001665 with a market cap of $9.81 billion.

Shiba Inu (SHIB) price analysis on the daily chart. Source: TradingView on CNF

SHIB has yet to reclaim its $0.00002 support level, largely due to its strong price correlation with Bitcoin (BTC). Bitcoin continues to face turbulence as the German government sells off its BTC reserves. However, there is a positive development: blockchain data provider Santiment reports a 5.53 trillion decrease in Shiba Inu’s exchange reserves.

A reduction in large SHIB reserves on crypto exchanges may indicate growing confidence among large investors in SHIB, reported CNF.

As Shiba Inu’s exchange reserves are steadily declining, on-chain crypto whales continue to accumulate coins in self-custodial wallets. Santiment data shows that whales using off-exchange wallets have collectively stockpiled 6.57 trillion Shiba Inu tokens over the past month, per the CNF update.

As other altcoins had a mini decoupling from BTC yesterday, Shiba Inu (SHIB) is up a modest +5% in the past 48 hours, and non-exchange whale bags are shrinking, while exchange whale bags are growing.

— Santiment (@santimentfeed) July 9, 2024

Shiba Inu Developer Hints At Upcoming Developments

Lucie, a member of the Shiba Inu team, recently addressed the community regarding the upcoming TREAT token. In a tweet, Lucie emphasized the importance of patience, stating that “Good TREAT takes time.” She reassured the community that while TREAT has not yet been launched, it is deserving of careful development alongside other tokens like BONE and Leash.

Lucie's message underscored the need for focus and cautioned against misinformation amid the anticipation surrounding TREAT’s release. Her encouragement to stay focused emphasized the project’s commitment to delivering a quality product over rushing its launch.

Lucie also mentioned other SHIB ecosystem tokens such as SHIB, BONE, and LEASH adding that these tokens would need “genuine treatment” thereby emphasizing their significance. Lucie’s statement also refers to some of the ongoing and future efforts to enhance the utility of these tokens.

Earlier this week, Shytoshi Kusama, the lead of Shiba Inu, hinted at upcoming global partnerships and events, such as the anticipated “treat yourself tour,” as reported by Crypto News Flash.

We have many more things in store to complete this system overall, and we are finalizing partnerships to grant full power to the system we’ve built. Treat Yourself Global Tour, and many more things, coming together for you. Stay tuned.

— Shytoshi™ (@ShytoshiKusama) July 7, 2024

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