Data Shows Over 2,500 New Shiba Inu Addresses Created Every Day

Shiba Inu sees a surge in new daily addresses despite price challenges, according to Santiment, as it sheds light on the factors driving interest.

Shiba Inu (SHIB), one of the most talked-about sensational coins, is currently witnessing a surge in new daily addresses, with a consistent rise over the past few weeks.

In a tweet, Santiment, a renowned market intelligence platform specializing in on-chain and social metrics, shared that new Shiba Inu addresses have consistently surpassed 2,500 per day.

? #ShibaInu has seen a big rise in new daily addresses created, consistently over 2,500 per day in the past couple weeks. Despite the underwhelming price performance, our latest insight covers why there's promise behind one of 2021's favorite #memecoins. https://t.co/Lzrpd3o06v pic.twitter.com/8jOt0weIyE

— Santiment (@santimentfeed) July 6, 2023

The chart accompanying Santiment’s tweet depicted the impressive growth of the Shiba Inu network despite its recent underwhelming performance. Specifically, Shiba Inu is down by over 5% in the last seven days, dropping to 19th on the list of largest crypto assets.

Factors Driving Interest in Shiba Inu

Despite Shiba Inu’s price performance, Santiment believes there is promise behind the popular token. Its latest insights shed light on the underlying factors driving this surge in interest.

Santiment on-chain chart reveals a significant rise in network growth for Shiba Inu, even amidst suppressed prices. This development has attracted attention, with SHIB accounting for some of the highest transaction fees in the market, according to the market tracker. 

Santiment’s analysis focuses on three key drivers behind the positive spin for Shiba Inu: network growth, the network realized profit loss, and the decreasing supply of Shiba Inu on exchanges.

Furthermore, Santiment argued that the sudden surge in interest towards meme coins could sometimes serve as a toppish indicator, suggesting a sign of market saturation or a possible future decline. 

Nonetheless, the market analytical tool noted that the newfound attention, as evident in the increasing addresses, could breathe new life into Shiba Inu. 

Surge in SHIB Daily Addresses 

As The Crypto Basic reported earlier this week, data from another market intelligence platform provided insights into the quarterly performance of Shiba Inu. 

Shiba Inu demonstrated positive growth, with daily new addresses reaching over 4,000 on June 27, marking a remarkable 357% increase from its quarterly low on May 21, 2023.

Per data from IntoTheBlock, Shiba Inu’s token summary reveals that 9% of holders are making money at the current price, while 88% are seeing unrealized losses on their holdings. Moreover, large investors hold 79% of the token’s supply.