Shiba Inu Adoption Explodes Almost 20x, Can SHIB Dethrone DOGE?

On-chain data shows the number of daily new addresses for Shiba Inu recently hit levels almost 20 times the average for last month.

Shiba Inu Has Witnessed Surge In Adoption Recently

According to data from the market intelligence platform IntoTheBlock, Shiba Inu has seen a surge in its new addresses this month. The “new addresses” here refer to the SHIB addresses coming online on the blockchain for the first time.

When the daily number of such addresses is high, the memecoin’s network is potentially observing a large influx of new users. Naturally, rapid adoption like this can be a constructive sign for the cryptocurrency.

On the other hand, low metric values imply that the coin doesn’t see that many new addresses pop up daily, a possible sign that interest in the token is currently low.

Now, here is a chart that shows the trend in the daily new addresses for Shiba Inu over the past month:

The value of the metric seems to have been quite high in recent days | Source: IntoTheBlock on X

The graph shows that the daily number of new Shiba Inu addresses has sharply boosted this month. Currently, the number of new users joining the network is 8,400.

This sharp boost in the adoption of the memecoin has come as its price has rapidly grown. Rallies like these are attractive to investors, so it’s no wonder that many users have been flocking to the network as it has occurred.

A couple of days ago, the indicator hit an extraordinary peak as 21,000 new addresses appeared on the chain within 24 hours. This peak was nearly 20 times the daily average observed in February, according to IntoTheBlock.

As mentioned earlier, adoption can be a constructive sign in the long term because a more extensive user base means a more solid foundation for the cryptocurrency.

Adoption usually doesn’t directly correlate with the price. However, it makes it more likely that the asset will continue to be in use for some time.

SHIB Has Outperformed DOGE With Its Rally Recently

After being stale for so long, Shiba Inu has suddenly come alive recently, perhaps due to the Bitcoin rally providing investors with confidence to venture into these more risky assets.

The coin has witnessed an extraordinary run, up more than 264% in the past month. The chart below shows the asset’s trajectory.

Looks like the price of the asset has rocketed up recently | Source: SHIBUSD on TradingView

While Dogecoin, the original memecoin, has also witnessed a sharp surge in the same period, it still hasn’t kept up with Shiba Inu. Following this difference in performance, DOGE and SHIB are now beside each other on the market cap list.

SHIB vs DOGE in terms of the market cap | Source: CoinMarketCap

Weekly-performance-wise, Shiba Inu is up over 128%, while Dogecoin is seeing less than 20% profits. If SHIB continues to be this strong against its rival in the coming days, there is a chance it may very well end up flipping DOGE.