Fresh Money Flows Into Shiba Inu As Transfers From New Investors Surge 40%

On-chain data shows renewed interest in the Shiba Inu ecosystem as transactions from new investors have risen to their highest since August.

Compared to its stellar performance in the 2021 bull run, the price of SHIB has relatively underperformed as bullish sentiment returns to the crypto market in recent months. However, as on-chain data reveals, the Shiba Inu ecosystem remains on track for a steady and sustained increase.

One of the strongest indicators provided by the analytics platform IntoTheBlock shows a recent jump in the number of transactions conducted by new SHIB investors. The “New Adoption Rate” metric, which measures the number of active addresses buying SHIB for the first time, has increased by 40%.

The figure marks the highest that Shiba Inu has posted since August. Additionally, with the metric’s moving average sitting comfortably around 34.44%, the indications are that the current influx of capital is steady and well sustained. 

Meanwhile, although there are no guarantees that such fresh capital will continue to flow in, the current outlook for SHIB is largely positive. The broader cryptocurrency market has seen a corresponding increase, and for community-driven ecosystems like SHIB, such bullish momentum typically has a stronger effect when in full force.

SHIB Gains 19% In Seven Days

The recent influx of new capital flowing into SHIB has been reflected in the token’s valuation. Over the past week, SHIB has gained around 19%, surging as high as $0.0000106 within the period under consideration. 

Although the token has since retraced mildly to around $0.00000996 at the time of writing., other catalysts point to a potentially continued uptrend. For instance, Shiba Inu’s layer-2 network Shibarium has seen a rapid jump in daily transaction volume, opening up the opportunity for increased burning of SHIB tokens from transaction fees collected on the network.

Earlier this week, the Shiba Inu team executed the first-ever Shibarium burn (8.4 billion SHIB), with more to come if the network maintains its impressive adoption rate.