Shiba Inu Recent Uptick May Renew Investor’s Interest; Here’s Why

Shiba Inu Recent Uptick May Renew Investor's Interest; Here's Why

Shiba Inu (SHIB) has welcomed the highest daily new addresses in three months, indicating a significant increase in network activity and adoption. Although the market conditions have kept Shiba Inu in a bearish position, the recent increase in network activity may indicate investors’ enthusiasm has been reignited. 

Notably, Ali Martinez, a well-known market observer, was the one to first draw attention to the positive development by using information from the Glassnode blockchain data and intelligence resources. According to the Glassnode graph, beginning on May 17, steadily fewer new Shiba Inu addresses were created daily. 

The metric continued to plummet until May 21, when it reached its lowest point of the year. Following the decline, there was a resurgence in the number of new addresses. Shiba Inu witnessed the formation of up to 2,538 new addresses on May 26 alone, indicating an increase from May 21, which remained for six days. This reflects the most freshly established SHIB addresses daily during the last three months.

This increase suggests a rising demand for Shiba Inu and a potentially bigger user base. The rise in daily addresses shows that the asset is being used and adopted at a larger rate. It can signify increased SHIB purchasing or holding activity and prospective interest from new investors.

Additionally, beginning May 21, Shiba Inu’s daily active addresses have witnessed a significant surge, according to Santiment, a crypto behavior analytics company. On May 26, the number of active addresses rose sharply to 4,632, its highest level the previous month. 

Shiba Inu Active Addresses

Related Reading: Shiba Inu and Dogecoin Fall by 90% from All-Time High

Increased Whale Accumulation Due to Recent Shiba Inu Development 

In response to this uptick in the network activity, whales have accumulated more Shiba Inu tokens. These wealthy addresses profit from the asset’s value being below the $0.00001 threshold by amassing more tokens at a lower cost. The balances of addresses holding between 100,000 and 100 million SHIB are increasing steadily but gradually, according to a Santiment chart.

Shiba Inu SHIB Accumulation

Furthermore, this ongoing whale accumulation was brought to light in a prior report. The asset is working to recoup its losses from the previous 30 days. Shiba Inu has produced two winning candles in a row since May 26. With a 24-hour trading volume of $86,337,724, the current Shiba Inu price is $0.000009. Shiba Inu has increased by 0.49% over the past day. 

Shiba Inu is up 0.49% in the last 24 hours. Source: CoinMarketcap

Read Also: Introducing Advanced Tools For Burning Shiba Inu Tokens on SHIB Burn

Disclaimer: The information in this article should not be considered financial advice, and FXCryptoNews articles are intended only to provide educational and general information. Please consult with a financial advisor before making any investment decisions.

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