Despite price issues, Shiba Inu experiences an increase in new daily addresses, according to Santiment, as it clarifies the elements igniting desire. One of the most talked-about unique coins, Shiba Inu (SHIB), is experiencing a surge in new daily addresses, steadily increasing over the past few weeks. Shiba Inu addresses have continuously exceeded 2,500 every day, according to Santiment, a well-known market intelligence company that focuses on on-chain and social metrics.
The Shiba Inu network has grown significantly despite its recent lackluster results, as the chart accompanying Santiment’s tweet shows. Shiba Inu, ranked 18th on the list of significant crypto assets, has decreased by more than 5% during the past seven days.
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Key Drivers Behind the Positive Spin for Shiba Inu
Despite Shiba Inu’s pricing performance, Santiment thinks the widely used coin has potential. The most recent discoveries shed light on the underlying causes of this rise in interest. The Shiba Inu network has grown significantly despite low prices, according to the Santiment on-chain chart. According to the market tracker, SHIB is responsible for some of the most significant transaction costs in the market, which has drawn attention to this trend.
The investigation by Santiment focuses on three main factors that have contributed to the excellent perception of Shiba Inu: network expansion, network realized profit loss, and reduced supply of Shiba Inu on exchanges. Additionally, Santiment contended that a sudden increase in interest in meme currencies could occasionally act as a toppish indication, indicating a symptom of market saturation or a potential drop shortly.
However, the market analysis tool pointed out that the increased addresses suggest that Shiba Inu may receive newfound attention.
SHIB’s Positive Growth
As previously reported this week, Shiba Inu’s quarterly performance was revealed by data from another market intelligence platform. Shiba Inu showed signs of improvement; on June 27, the number of daily new addresses exceeded 4,000, a remarkable 357% increase from the quarter’s low on May 21, 2023.
Shiba Inu’s token summary, according to data from IntoTheBlock, shows that 9% of holders are profiting at the current price while 88% are experiencing unrealized losses on their investments. Moreover, 79% of the token’s supply is held by big investors.
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