Shiba Inu (SHIB) Witnesses Significant Increase in Daily Addresses
Shiba Inu (SHIB) has experienced a remarkable surge in the number of daily addresses created, indicating a growing interest in the meme token. Market Intelligence platform IntoTheBlock’s data reveals that SHIB attracted over 8,400 new daily addresses in March, which is nearly twenty times higher than its average in February. On March 5, the number of new daily addresses reached its peak at 21,000. This increase in adoption can be attributed to the exciting initiatives implemented by the Shiba Inu team to attract new investors.
Exciting Initiatives Driving Adoption
The Shiba Inu team has been actively implementing initiatives that have contributed to the increased adoption of SHIB:
- Launch of K9 Finance: The team introduced K9 Finance, a liquid staking derivatives (LSD) platform on the Shibarium network. Liquid staking has gained prominence during this bull cycle and has significantly increased Ethereum’s network activity. K9 Finance aims to achieve similar results for the Shiba Inu ecosystem.
Meme Coins Gain Prominence
Santiment, a blockchain analytics platform, recently highlighted that AI tokens and meme coins are currently leading the altcoin market. Given this trend, it is not surprising that investors are interested in positioning themselves with SHIB, which is currently the second-largest meme coin by market capitalization. The increased interest in SHIB since the beginning of March has already positively impacted its price, with the token experiencing a gain of over 162% in the last seven days.
SHIB Aims for New All-Time High
The current all-time high (ATH) for SHIB stands at $0.0008. With its current bullish momentum and the ongoing bull market, many believe that it won’t be long before SHIB surpasses its ATH. Crypto analyst Ali Martinez has even predicted that SHIB could rise as high as $0.011, although this price level may still be seen as ambitious by some. Meanwhile, the Dogecoin (DOGE) community should keep an eye on SHIB, as it poses a potential threat to DOGE’s status as the most valuable meme coin.
As of now, SHIB is trading at $0.00003346, experiencing a nearly 10% increase in the last 24 hours according to CoinMarketCap data.
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