Remember Doge? Well, move over – another dog-themed cryptocurrency is barking its way back into the limelight. Shiba Inu (SHIB), the Dogecoin-inspired meme coin that took the internet by storm in 2021, is experiencing a remarkable resurgence. But this comeback isn’t driven by mere hype – a surge in user activity suggests a deeper transformation for SHIB.
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Shina Inu Network Awakens From Slumber
After a period of relative quiet, SHIB’s network has come alive with a surge in daily active addresses. IntoTheBlock (ITB), a leading blockchain analytics firm, reported a near 2,000% increase in active addresses from February’s average to a peak of 21,000 on March 5th.
This dramatic uptick indicates a significant rise in user engagement, suggesting the Shiba Army – SHIB’s passionate community – is back in action.
Shiba Inu kicks off March with a bang, attracting over 8.4k new addresses daily & peaking at 21k new daily addresses – nearly 20x February’s daily average. #ShibaInu #SHIBARMY pic.twitter.com/5hXvKfqfio
— IntoTheBlock (@intotheblock) March 7, 2024
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The number of daily active addresses for Shiba Inu has experienced a substantial surge, indicating a significant shift in user engagement. Last month the daily average active addresses were around 3,100, with the previous year’s average standing at 4,000.
However, following a substantial price increase from late February to the present month, the daily active addresses skyrocketed to 8,400, marking a remarkable 170% surge and representing a substantial increase from the previous daily average.
Analysts remain divided on the exact cause of this renewed interest. Some point to the recent price increase, while others speculate positive news surrounding the Shiba Inu ecosystem or simply a resurgence of the meme coin’s virality might be at play.
Bitcoin is now trading at $68.403. Chart: TradingView
Shiba Inu Trading Heats Up Alongside User Activity
The rise in user activity isn’t happening in a vacuum. It’s accompanied by a significant increase in trading volume. SHIB reached a daily trading volume exceeding $16 billion on March 5th, propelling it into the top 5 cryptocurrencies by volume for that day.
This substantial volume suggests a dynamic market for SHIB, with a healthy mix of buying and selling activity. The frenzy surrounding SHIB isn’t just about hodling (holding onto the cryptocurrency) – it’s about active participation and a potential return to the glory days of 2021.
Beyond The Frenzy: Signs Of Long-Term Growth
While the current surge in activity is impressive, the true test for SHIB lies in its ability to sustain this momentum. Looking beyond the immediate frenzy, some metrics hint at long-term potential. The number of new addresses, signifying fresh users joining the network, has jumped by nearly 60% in the past week.
Featured image from Pixabay, chart from TradingView
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