Here Are 2 Reasons Why Shiba Inu Addresses With Non-Zero Balance Spiked to 1.26M in 33 Months

Shiba Inu achieves a major milestone as the number of addresses with non-zero balance hits an astounding 1.26 million. 

Shiba Inu has achieved astounding milestones since its launch in August 2020. Since its launch, the cryptocurrency has experienced tremendous growth in various aspects, especially its widespread adoption. 

Shiba Inu Address With Non-Zero Balance Hits 1.26M 

Fresh data from crypto analytics platform IntoTheBlock shows that a total of 1,260,000 (1.26 million) addresses have a non-zero SHIB balance. It bears mentioning that as of February 1, 2021, only 8,460 addresses have a non-zero SHIB balance in them. 

Fast forward to November 2023, the figure has skyrocketed to a massive 1.26 million. The data suggests that the number of SHIB addresses with non-zero balances has increased by 1,251,540 (1.25 million) since February 2021. 

Additionally, the development also shows that more investors are jumping on the Shiba Inu bandwagon in recent times. 

Two Factors Responsible for Growing SHIB Adoption

Notably, two major factors can be attributed to the massive surge in the number of Shiba Inu non-zero addresses. Firstly, the launch of the highly-anticipated Shiba Inu Layer-2 scaling solution Shibarium has played a pivotal role in the growing adoption of SHIB. 

The emergence of Shibarium has attracted top decentralized finance (DeFi) projects to launch on the protocol, thus allowing users to buy and stake their SHIB assets. Notably, staking SHIB will see users earn lucrative rewards.  

In addition, the vibrant community behind Shiba Inu has also contributed positively to positioning SHIB as a favorite asset for investors. On multiple occasions, the community promotes SHIB as the asset to purchase and hold ahead of the upcoming bull run. 

Shiba Inu’s tremendous rally in the last bull market is one story that has left many in awe. People who missed out on the massive opportunity are taking advantage of the discounted price of the token to accumulate SHIB. This is majorly as a result of the widespread promotion from the community. 

Aside from the above-mentioned factors, other reasons also contribute to the widespread adoption of SHIB, including ongoing developmental efforts, Shib: The Metaverse project, and SHIBOSHI (Shiba Inu non-fungible token project). 

These projects have helped Shiba Inu to shred its memecoin title, thus making it rank among the utility tokens with solid potential. 

At the time of writing, Shiba Inu was down 4.2% over the past 24 hours to $0.00000804.