Shiba Inu’s 4 million ATH: SHIB’s latest milestone explained

    The total number of SHIB addresses has entered into the 4 million band.
    SHIB volume has remained below $1 billion.

The data reveals that there has been a notable increase in the number of Shiba Inu (SHIB) wallets or addresses. This is an encouraging sign of growth for the memecoin. Nevertheless, some other metrics related to address activity indicate a decrease in overall usage.

Shiba Inu addresses hit 4 million

The analysis of Shiba Inu’s metrics on Glassnode shows that over 4 million unique addresses now hold this cryptocurrency, reaching a noteworthy achievement for the meme coin.

Shiba Inu’s 4 million ATH: SHIB’s latest milestone explained

Additionally, this milestone marks a first for Shiba Inu as it has never before reached so many unique addresses. The graph shows a steady upward trend over the last few months, with a significant surge in new addresses at the start of the previous month.

Specifically, addresses increased from about 3.8 million on 1st March to around 4 million.

Comparing the Shiba Inu address activity

Examining the active Shiba Inu addresses revealed a disparity in sentiment versus the overall increase in the number of addresses involved.

Although the number of active addresses has risen compared to past months, it’s important to note that this number currently represents a substantial drop from its all-time highs.

Shiba Inu’s 4 million ATH: SHIB’s latest milestone explained

Towards the end of February, the chart analysis revealed a significant jump in the number of active addresses, reaching approximately 49,500. This represented a substantial rise compared to the typical 4,000 count.

After reaching a high point on March 5th, there has been a significant drop-off. The most recent figures show approximately 5,400 active addresses.

Although this figure is significant, it’s important to note that it represents only a small fraction of the over 4 million total Shiba Inu addresses. This implies that although there are numerous Shiba Inu users, the network’s overall activity level is rather subdued.

In addition, the examination of newly discovered addresses mirrors the trend of active addresses, reaching a high point on March 5th and then experiencing a substantial drop afterwards.

The chart shows that on March 5th, there were over 21,000 new addresses formed every day. However, this figure has dropped significantly to approximately 2,350 as of now. These statistics imply a noticeable decrease in activity within the Shiba Inu network.

SHIB continues losing streak

Examining Shiba Inu’s daily price chart reveals no clear trends have emerged in recent times. Remarkably, there was a sharp price rise around 5th March that corresponded with an increase in both new and active wallets on the network.

Shiba Inu’s 4 million ATH: SHIB’s latest milestone explained

Since that time, the price has shown only modest fluctuations. Currently, it is at approximately $0.000027, which is almost unchanged from the previous day’s close, with a minimal decrease of nearly 1%.

After dropping more than 4% in the last market day, the downward trend continues for Shiba Inu. However, the present price movement indicates a phase of stability, indicating that the coin may be consolidating without any distinct bullish or bearish inclination.

Examining Shiba Inu’s more detailed trading data reveals no significant patterns in terms of volume lately. The trading volume currently stands at approximately $527 million.

The graph shows a consistent level of trading over the past period, revealing little fluctuation in either upward or downward direction.

Read More

2024-04-11 12:07