The Shiba Inu cryptocurrency (SHIB) is nearing a significant milestone, approaching four million total addresses. This surge in addresses reflects a notable increase in SHIB’s adoption rate, suggesting heightened interest in the digital asset.
Increasing Adoption Rate
IntoTheBlock data reveals that Shiba Inu has reached 3.98 million total addresses, propelled by a surge in new addresses during its peak at $0.00004575 on March 5. The new adoption rate, currently at 40.22%, indicates the rate at which new users are joining the SHIB network.
The adoption rate indicator from IntoTheBlock delineates the percentage of new addresses initiating their first transaction among all active addresses on a given day. At 40.22%, this implies a significant influx of newcomers, with two out of five active SHIB addresses being new to the network.
Related article: Shiba Inu Coin’s Journey: From Historic Highs to Anticipated Shifts in Q2 2024
Market Volatility and Resilience
Despite facing market uncertainty, particularly in April due to macroeconomic factors, Shiba Inu’s adoption rate remains impressive. This resilience is evident as SHIB continues to attract new users, even amidst fluctuations in the broader crypto market.
Related article: Deciphering SHIB’s Support Dynamics: Insights and Strategies
Price Performance and Market Dynamics:
Following a remarkable 144% price surge in March, SHIB’s momentum has somewhat waned. Since March 28, when it peaked at $0.00003285, SHIB has experienced a gradual decline. However, recent data from CoinMarketCap indicates a modest uptick, with SHIB currently priced at $0.0000269, reflecting a 2.67% increase in the last 24 hours after two consecutive days of decline.
Emerging Market Trends
In a positive development, Shiba Inu has outpaced Bitcoin as the most traded digital asset on WazirX, a leading cryptocurrency exchange in India. This shift underscores SHIB’s growing popularity and acceptance within the global crypto community.
As Shiba Inu nears four million addresses, its rising adoption rate and resilience amidst market volatility stand out. With a growing presence in global and emerging markets, SHIB remains a key player in the cryptocurrency landscape.
