Shiba Inu, one of the hottest meme coins of 2021, has recently witnessed a significant surge in the creation of new daily addresses, surpassing 2,500 addresses per day consistently over the past couple of weeks. Despite its underwhelming price performance, this notable development suggests a promising future for the beloved cryptocurrency.
A recent tweet by analyst platform Santiment revealed that Shiba Inu has experienced a significant surge in new daily addresses created:
😺 #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
The rising number of daily addresses for Shiba Inu indicates a growing interest and demand for the meme coin. Previously overlooked, this surge in new addresses reflects a newfound enthusiasm from investors and traders. While the price of Shiba Inu might not have reflected this heightened attention, experts believe that the increase in daily addresses is a positive sign for the token’s long-term prospects.
A closer examination of the underlying trends revealed several factors contributing to the positive outlook for Shiba Inu. Notably, the network growth of SHIB has been remarkably high in recent times. Additionally, the network realized profit loss (NRPL) for Shiba Inu remains in negative territory, suggesting that investors hold onto their tokens despite the current price performance. Furthermore, the supply of SHIB on exchanges has reached its lowest point since 2022, signaling a potential scarcity that could further drive up demand.
However, it’s important to consider two distinct perspectives when evaluating the implications of this situation. On one hand, some experts interpret the sudden attention on meme coins like Shiba Inu as a possible indication of a market top or upcoming decline. They view the focus on SHIB as a potential sign of market saturation. On the other hand, the recent surge in interest could revitalize Shiba Inu, bringing it out from under the radar and into the spotlight as a promising investment option.
To truly understand the dynamics at play, it is crucial to delve deeper into the layers of market activity and analyze the foundational data. While the price performance might not have met expectations, the increasing number of daily addresses for Shiba Inu reflects a growing community and an increasing demand for the meme coin.
In conclusion, Shiba Inu continues to capture the attention of investors and traders, as evidenced by the significant rise in new daily addresses. Despite its underwhelming price performance, the meme coin’s promising future lies in the growing interest and demand from the market. As the landscape of cryptocurrencies evolves, Shiba Inu is poised to make its mark and potentially deliver substantial returns to those who have put their faith in this beloved meme coin.
