Shiba Inu (SHIB), one of the most talked-about cryptocurrencies, has recently experienced a significant increase in the number of daily addresses, indicating a growing interest in the token. Santiment, a renowned market intelligence platform specializing in on-chain and social metrics, highlighted the consistent rise in new Shiba Inu addresses, surpassing 2,500 per day.
Read Also: XRP Faces Bearish Market Correction, but Analysts Predict Potential Surge Above $0.69
Shiba Inu growing addresses prompt Community’s attention
This development has drawn attention to the network’s growth, despite the coin’s recent underwhelming price performance.
😺 #ShibaInu has seen a big rise in new daily addresses created, consistently over 2,500 per day in the past couple weeks. Despite the underwhelming price performance, our latest insight covers why there's promise behind one of 2021's favorite #memecoins. https://t.co/Lzrpd3o06v pic.twitter.com/8jOt0weIyE
— Santiment (@santimentfeed) July 6, 2023
Although Shiba Inu has faced a decline of over 5% in the past seven days, dropping to the 19th position among the largest crypto assets, Santiment believes that there are promising factors behind the popular token. Sentiments on-chain chart reveals a notable rise in network growth for Shiba Inu, even amidst suppressed prices. Additionally, Shiba Inu has accounted for some of the highest transaction fees in the market, indicating an active user base.
According to Sentiments’ latest insights, daily new addresses for Shiba Inu reached over 4,000 on June 27, marking a remarkable 357% increase from its quarterly low on May 21, 2023. This surge in new addresses suggests a growing community of users and investors participating in the Shiba Inu network.
Read Also: XRP Price Targets and Growth Potential Outlined by Prominent Influencers and Analysts
Further analysis provided by IntoTheBlock indicates that at the current price, approximately 9% of SHIB holders are making profits, while 88% are experiencing unrealized losses on their holdings. Moreover, large investors hold 79% of the token’s supply, indicating a concentration of ownership among a smaller group.
The increased number of addresses in Shiba Inu indicates the Sustainable interest of users
Despite the price fluctuations and the majority of holders currently facing unrealized losses, the increased network growth and growing daily addresses indicate a sustained interest in Shiba Inu. The token’s popularity, fueled by its association with the Shiba Inu dog meme and the broader wave of interest in meme-based cryptocurrencies, has contributed to its prominence in the crypto space.
As with any investment, individuals need to conduct thorough research and exercise caution when considering investing in cryptocurrencies, including Shiba Inu. The cryptocurrency market can be highly volatile, and price movements can be influenced by a range of factors, including market sentiment and overall market conditions.
In conclusion, despite recent price fluctuations, Shiba Inu continues to witness a surge in new daily addresses, indicating a growing interest in the token. While the majority of holders currently face unrealized losses, the increased network growth and active user base suggest that the popularity and potential of Shiba Inu have not waned. It remains to be seen how the token will perform in the future, and investors should carefully evaluate the risks and conduct due diligence before making any investment decisions.