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Sujit Kumar
Mar 8, 2024
by Sujit Kumar

Shiba Inu Witnesses Explosive Growth in New Addresses, Signaling Surge in Adoption

Shiba Inu Witnesses growth

Table of contents

  1. Surge in New Addresses Indicates Rapid Adoption
  2. Extraordinary Peak and Adoption Growth
  3. Positive Sign for Long-Term Viability
  4. Shiba Inu vs. Dogecoin: A Shift in Market Dynamics
March brings a significant boost for Shiba Inu as new daily addresses skyrocket, reaching nearly 20 times the average seen in February. The meme coin's network records over 8.4k new addresses daily, peaking at an extraordinary 21k within 24 hours.

Surge in New Addresses Indicates Rapid Adoption

Recent on-chain data reveals an impressive surge in the number of daily new addresses for Shiba Inu, the popular meme cryptocurrency. New addresses signify users entering the Shiba Inu network for the first time, indicating potential growth in adoption. The data, provided by market intelligence platform IntoTheBlock, depicts a substantial increase in daily new addresses, reaching 8,400 users.

Extraordinary Peak and Adoption Growth

The chart tracking Shiba Inu's daily new addresses displays a remarkable spike in March, with the count reaching an extraordinary peak of 21,000 within a 24-hour period. This surge is nearly 20 times the daily average observed in February, showcasing the memecoin's rising popularity.

Positive Sign for Long-Term Viability

While adoption doesn't always directly impact the price, it establishes a robust user base, contributing to the cryptocurrency's long-term foundation. Shiba Inu's recent rally, with a remarkable 264% surge in the past month, has attracted investors, outperforming even the original meme coin, Dogecoin.

Shiba Inu vs. Dogecoin: A Shift in Market Dynamics

Shiba Inu's recent performance has propelled it next to Dogecoin on the market cap list, marking a potential shift in market dynamics. With a weekly gain of over 128%, Shiba Inu is surpassing Dogecoin, which has seen less than 20% in profits during the same period. If this trend continues, Shiba Inu could potentially surpass Dogecoin in market cap.

Disclaimer:The views and opinions expressed in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
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Shiba Inu Witnesses Explosive Growth in New Addresses, Signaling Surge in Adoption
Sujit Kumar
Sujit received his Bachelors in Science from the LNMU Darbhanga. He is currently working as a Content Strategist. He has more than three years of professional experience in information systems, security policies, technologies, and Cryptocurrency. He has published 6 books in the area of information security and assurance. He has published more than 50 research articles in leading journals Regarding the Latest and Breaking Crypto News and updates. His research interests include access control, computer forensics, Digital Marketing, Web development, business hacks, player experience, and virtual storytelling.

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