Shiba Inu (SHIB) Shows Bullish Signs as Non-Zero Addresses Reach Significant Milestone

Owen Patter

Shiba Inu (SHIB) Shows Bullish Signs as Non-Zero Addresses Reach Significant Milestone

Nov 23, 2023 7:22 AM

altcoins, Blockchain, Crypto, Crypto Market, Wallet

Shiba Inu Wallet Surge: 15,000% Increase in Non-Zero Balances

The popular meme cryptocurrency, Shiba Inu (SHIB), has reached a significant milestone, with 1.26 million wallets holding a balance greater than $0. This marks a staggering growth of almost 15,000% since February 2021, driven by factors such as SHIB’s price rally and a peak market capitalization of over $40 billion.

Factors Behind the Surge

A variety of factors have contributed to the surge in SHIB wallet addresses. The asset’s price rally during the bull run in October 2021 led to an all-time high valuation. Additionally, the burning mechanism, which has resulted in billions of tokens becoming inaccessible, has also played a role in increasing non-zero addresses.

Shibarium: Fueling Progress

The development of Shibarium, Shiba Inu’s layer-2 blockchain solution, is also credited with driving the memecoin’s rapid progress. Since its launch in August, Shibarium has facilitated over 4 million transactions and has nearly 1.3 million addresses, demonstrating its significant impact on SHIB’s overall growth.

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The surge in SHIB wallets with non-zero balances demonstrates the increasing adoption and utilization of Shiba Inu, driven by factors such as price rally, burning mechanism, and the development of Shibarium.

Owen Patter

Author – Contributor at Lolacoin.org | Website

Owen Patter is a distinguished crypto analyst, accomplished researcher, and skilled editor, leaving a notable imprint on the cryptocurrency landscape. As a proficient crypto analyst and researcher, Owen delves into the intricate realms of digital assets, offering insights that resonate with a diverse audience. His analytical acuity is harmoniously paired with adept editorial skills, allowing him to transform complex crypto information into easily comprehensible content. Owen’s contributions serve as a valuable guide for both seasoned enthusiasts and newcomers, aiding them in navigating the dynamic world of cryptocurrencies with well-researched perspectives. With a meticulous commitment to precision, he empowers informed decision-making in the ever-evolving crypto domain.