Shiba Inu (SHIB) traded in a relatively tight range on Wednesday, despite shifting liquidity conditions across the broader digital asset market.
Notably, over the past week, the second-largest meme token posted modest gains, rising by almost 4% as several major digital assets faced persistent selling pressure.
Meanwhile, according to on-chain data shared by the Shibarium development team in its April 27 to May 4, 2026 update, Arkham Intelligence recorded a net outflow of around 131 billion SHIB from centralized exchanges.
Investors often interpret such outflows as a shift toward self-custody, in which they transfer assets to private wallets rather than holding them on trading platforms. By reducing the readily available supply for selling, the price environment can be stabilized by maintaining or increasing demand.
Additionally, over 1 trillion SHIB tokens were transferred between wallets during the week, according to the same report. However, internal redistribution of assets, rather than selling, was evident, indicating that large holders and market participants were repositioning rather than exiting.
 
In addition to exchange flows, SHIB continues to show signs of increasing adoption. The network’s growing number of users has been matched by its achievement of over 1,584,275 unique wallet addresses.
Meanwhile, on-chain activity during the reporting period saw a significant increase in the number of new wallets created on a yearly basis. Around 24,000 wallets were added during the week, with April 27 recording the largest increase. During the period, daily growth ranged from 1,100 to 10,000 new addresses, but it eventually stabilized at approximately 1,050 new holders per day.
This trend suggests that while explosive early-week interest cooled, underlying participation remains steady, pointing to sustained rather than speculative engagement from retail investors.
Interestingly, large holders appear to have maintained a relatively steady stance. Data shows that the top 100 wallets still control approximately 61% of SHIB supply (excluding burned tokens), indicating that whale positioning has not significantly shifted despite rising retail activity.
Meanwhile, SHIB experienced internal movement, with more than 1 trillion tokens being transferred between wallets. The majority of analysts have concluded that the whales are not exiting their positions forcefully, indicating a reshuffle rather than a distribution.
Moreover, additional exchange-level data displays a mixture of mixed and structurally neutral patterns. Approximately 82.1 trillion SHIB were added to Binance’s portfolio, while Robinhood held steady at around 54 trillion tokens. Meanwhile, Crypto.com reportedly saw outflows toward cold storage, reinforcing the broader theme of long-term holding behavior.
Since its launch in late 2023, Shibarium’s Layer 2 network has already processed more than 1 billion transactions, according to SHIB Mortal. This achievement underscores the network’s growing use and moves Shiba Inu beyond its initial meme-based identity.
The report also pointed out that about 505 billion SHIB tokens were moved from exchanges to private wallets within a week, underscoring the theme of diminishing exchange reserves.
Institutional interest appears to be gaining momentum in another area. However, Reports suggest that T. Rowe Price’s application to incorporate SHIB into an active crypto ETF proposal, if approved by regulators, could signify a significant shift towards traditional finance exposure.
Taken together, the data provide insight into a market undergoing structural recalibration. On the one hand, the decline in exchange reserves is driving tokens towards longer-term storage, while on the other, the growth of network activity is accompanied by increased retail participation.
At press time, SHIB was trading at $0.000006374, reflecting a 1.29% gain in the past 24 hours.
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