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Shiba Inu (SHIB) has been gaining a lot of traction lately, with the meme token seeing an increase in the number of addresses created. This uptrend in the crypto token’s expansion is significant as it could spark a surge in SHIB’s price and possibly a new all-time high (ATH).
Shiba Inu Sees 2,000% Increase In Daily Addresses
Data from the Market Intelligence platform IntoTheBlock shows that SHIB has been attracting over 8,400 new daily addresses in March. This represents almost a 20 times increase from its February daily average. The meme coin’s new daily addresses peaked on March 5, recording 21,000 addresses.
The reason for the increase in SHIB’s adoption is not farfetched, as the Shiba Inu team has continued to implement exciting initiatives that are attracting new investors into the ecosystem. One of these initiatives includes the launch of K9 Finance, a liquid staking derivatives (LSD) platform on the Shibarium network.
Liquid staking looks to be one of the leading narratives of this bull cycle (something that has increased Ethereum’s network activity), and there is no doubt that K9 Finance can also help the Shiba Inu ecosystem achieve the same results.
Meanwhile, blockchain analytics platform Santiment recently highlighted how AI tokens and Meme coins look to be the leading altcoins at the moment. As such, it is unsurprising that investors will want to position themselves with SHIB, the second-largest meme coin by market cap.
The increased interest in SHIB since the beginning of March is already reflecting positively on its price, with the crypto token seeing a gain of over 162% in the last seven days. A sustained increase in SHIB’s adoption will help the meme coin maintain this bullish momentum.
SHIB Gunning For Its All-Time High
SHIB’s all-time high (ATH) currently stands at $0.0008, and with its current bullish momentum, there is a growing belief that it won’t be long before it surpasses that price level. The fact that the bull market also looks to be in full force already makes SHIB hitting a new ATH very possible.
Interestingly, crypto analyst Ali Martinez had predicted that SHIB could rise to as high as $0.011. Although that price level still looks very ambitious, it is one to keep an eye on as the meme coin continues its upward trend. Meanwhile, the Doge community will be on high alert as Dogecoin (DOGE) risks losing its crown to SHIB as the most valuable meme coin.
At the time of writing, SHIB is trading at $0.00003346, up almost 10% in the last 24 hours according to data from CoinMarketCap.
SHIB bulls regain control of price | Source: SHIBUSDT on Tradingview.com
Featured image from Analytics Insight, chart from Tradingview.com
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
