Shiba Inu welcomes 7,548 new wallets as SHIB price rises 72%

Shiba Inu recorded 7,548 new wallets joining the ecosystem while monthly SHIB performance increased by 72%.

Over the past few weeks, Shiba Inu has shown impressive growth and established itself as a standout large-cap altcoin. SHIB is up more than 17% since last week and over 72% since November.

At the same time, Shiba Inu’s network has seen sustained growth, with address activity metrics indicating increasing engagement and utility on the Shiba Inu blockchain.

Growth of the Shiba Inu network

Santiment data shows a significant increase in Shiba Inu network growth, with the recent creation of 7,548 new wallets. This increase comes with increased crowd engagement in several altcoins, Santiment noted.

Similar trends were observed with XRP and Band Protocol (BAND), where 22,357 and 35 new wallets were created, respectively.

Santiment believes these increases indicate growing interest and activity, although they may also cause price volatility in the short term. In the long term, the increasing network benefits are seen as a positive development Blockchain introduction.

Emerging Shiba Inu deals with activity and speculative behavior

The address activity further underlines Shiba Inu’s growth trajectory. Data by IntoTheBlock shows significant increases in key address metrics. Over the last seven days, the number of new addresses increased by 62.54% while active addresses increased by 57.88%.

The rise in zero balance addresses, which rose 62.01% over the same period, suggests a mix of profit-taking and increased liquidity.

Such patterns are often seen in bull markets and reflect speculative exits and increased transaction volumes. Notably, these metrics have historically correlated with price increases, highlighting the importance of user engagement.

SHIB major inflows

Shiba Inu saw it too significant inflows taken over by large owners and thus further strengthened its market position. Over the past week, major inflows increased by 4.78%, indicating stable activity.

Overall, November saw a dramatic 1,270.02% increase in inflows, accompanied by notable price increases and renewed investor interest. Over the past three months, inflows have increased by 906.55%.