Shiba Inu network activity ‘much higher than normal’ – here’s why it signals a bullish future – The Shib Daily

Shiba Inu (SHIB) is once again exceeding expectations, with network activity increasing to “much higher than normal” levels, according to a leading crypto analytics platform.

On Sunday alone, over 7,500 new wallets were created, a staggering 214% increase over the token’s average daily growth of around 2,400 wallets. This unprecedented surge highlighted the growing interest in the expanding SHIB ecosystem and sparked bullish sentiment among investors and analysts.

A surge in Shiba Inu network growth

The dramatic increase in new wallet creation was not a typical event for SHIB. Historically, the token has had a steady but modest daily growth rate. However, Sunday’s activity painted a completely different picture: the one-day increase suggested a wave of new participants entering the ecosystem.

This latest increase not only mirrored but exceeded previous years’ growth. In January 2023, SHIB’s wallet growth continued at a healthy pace despite market volatility.

Data from CoinMarketCap showed that the total number of unique Shiba Inu addresses reached a record high of 1,136,080 as of January 13, 2022. This is an increase from 1,063,858 holders on December 15, 2021, representing an increase of approximately 72,222 new holders month-over-month and 2,407 new wallets per day.

A bullish signal for the future of Shiba Inu

While this steady growth set the tone for Shiba Inu’s history, Sunday’s surge marked a significant leap forward and signaled a new phase in its development. New data from crypto analytics platform Santiment shows that Shiba Inu added 7,548 wallets on Sunday alone. This figure highlights the 214.5% increase in the average unique addresses that Shiba Inu adds to its network every day.

But what does that mean?

Santiment noted that “all of these network growth spikes, well above the normal rate of each project, indicate strong crowd engagement and a certain level of euphoria.” The platform also highlighted that “although it is due to increasing retail participation While short-term volatility may occur, increasing utility on any blockchain is a promising long-term sign.”

The recent surge in Shiba Inu network activity – marked by over 7,500 new wallets created in a single day – signals much more than just a temporary increase. It reflects a deeper shift in the development and rollout of the project.

With major upgrades to Shibarium, a deflationary combustion model, and an expanding ecosystem, Shiba Inu is poised for further growth. As more investors and users join the network, the future for SHIB is looking increasingly optimistic, indicating a potential breakthrough as the project continues to develop.

Read more

Yona has no crypto positions and does not hold any crypto assets. This article is for informational purposes only and should not be construed as financial advice. The Shib Daily is an official media and publication of the Shiba Inu cryptocurrency project. Readers are advised to conduct their own research and consult a qualified financial advisor before making any investment decisions.

Post views: 51