24 February, 2024

Influx of New Shiba Inu Holders Spurs Growth, Bullish Outlook for SHIB

8 months ago

04 Jul, 2023

According to a recent announcement, the Shiba Inu network is experiencing an extraordinary expansion, with the user count approaching the 1.5 million mark.  The growth is bolstered largely by a surge in the Shibarium platform, the network’s core, according to recent reports. A whopping 85% of these users are holders of the Shiba Inu (SHIB) token.

Sharing the latest growth data, DogPad Finance, a launchpad platform for the Shiba Inu ecosystem, tweeted:

Shibarium’s Layer 2 blockchain protocols are expanding their impact across different sectors, including gaming, web3, and the metaverse, capitalizing on their superior scalability features. As the web3 paradigm advances, Shibarium leads the way, offering speed and cost efficiencies that facilitate widespread adoption.

Demonstrating the immense growth potential within the meme coin ecosystem, DogPad Finance, which provides various tools for creating new assets on Shibarium, has already garnered 2,200 holders. This growth corresponds with Shiba Inu’s ambition to attract new applications and followers.

The Ethereum-based Layer 2 blockchain also supports other coins from the Shiba ecosystem, including Bone ShibaSwap and LEASH. The rising popularity of Shibarium has been positively impacting Shiba Inu’s price movements. Additionally, the token-burning strategy has been beneficial for SHIB’s price performance. The Shiba Inu burn tracker revealed that approximately 20 million coins have been eliminated within the past day, contributing to the token’s price stability.

Meanwhile, data analysis firm IntoTheBlock’s recent data points to a considerable increase in new addresses associated with the Shiba Inu token. Over the past week, the Shiba Inu holders’ addresses have seen an explosive increase, adding an impressive 7,790 addresses. The daily growth rate of these new addresses has nearly doubled, spiking from 1,900 to 3,440.

Significantly, the decline in zero-address accounts, from 2,650 to 1,520 within the past week, suggests that investors have seized the opportunity to buy Shiba Inu tokens amidst the price dip. This rise in new addresses, coupled with the decline in zero addresses, hints at a likely influx of new holders, assuming the positive price trend of SHIB continues.

Amidst this backdrop, since June 30, Shiba Inu has recorded a price surge of over 10%, indicating a bullish trend. Furthermore, on-chain data revealed significant whale activity on Jun 30, with 2.21 trillion SHIB moved in large transaction volume. This, according to experts, is indicative of whale activity, with Shib’s large transaction volume up by 43.72%.

At the time of writing, the popular meme token was priced at $0.0000076, up 1.2% over the past week. The token has been steadily rising from its recent low of $0.000007, recorded on June 28.