Shiba Inu Attracts 8.4K Active Addresses Daily

Shiba Inu (SHIB) has continued to command increased interest amid the latest price uptrend, recording a massive 2,000% surge in active addresses from the February average.

IntoTheBlock (ITB), a leading blockchain analytics provider, disclosed this feat in a recent post on X, suggesting an observable uptick in activity. Data from ITB indicates that Shiba Inu witnessed a recent high of 21,000 daily active addresses on March 5.

This figure represents a massive increase from the daily average. Shiba Inu witnessed an average of 3,100 daily active addresses throughout last month when its price traded between $0.000009 and $0.00001. Interestingly, the daily average last year stood at 4,000 addresses. 

A 20x Surge in Daily Active Addresses

However, as the crypto asset saw a massive price uptick from late February to this month, daily active addresses spiked. IntoTheBlock confirms that this average rose from 3,100 to an impressive 8,400 addresses, marking a 170% increase.

In addition, ITB said the recent peak of 21,000 addresses represents a nearly 20x rise, or a 2,000% increase, from the daily average recorded in February. 

Shiba Inu kicks off March with a bang, attracting over 8.4k new addresses daily & peaking at 21k new daily addresses – nearly 20x February's daily average. #ShibaInu #SHIBARMY pic.twitter.com/5hXvKfqfio

— IntoTheBlock (@intotheblock) March 7, 2024

It bears mentioning that the increase in daily active addresses expectedly coincided with a surge in daily volume. As active addresses rose to 21,000 on March 5, Shiba Inu witnessed a 24-hour trade volume of over $16 billion that day, putting it among the top 5 assets with the largest volume.

The $16 billion volume represented Shiba Inu’s fourth-largest trade volume of all time. The last time the asset recorded a figure remotely close to this was on Oct. 28, 2021, during the previous market bull run that saw it hit the all-time high of $0.00008845. 

Shiba Inu Metrics Suggest Increased User Engagement

This surge in daily active addresses for Shiba Inu suggests increased user engagement and network activity. Higher demand and transaction volume can positively impact price as it may indicate growing interest and investment in cryptocurrency. 

Further data reveals upticks in similar metrics. Notably, new addresses have surged by 59.77% over the past seven days. In addition, non-zero addresses have increased 45.63% within the same timeframe. SHIB also saw a new adoption rate of 45.19 on March 6, representing its highest point in 30 days.

Meanwhile, Shiba Inu is now looking to reclaim its recent highs above $0.00004 following the latest market reset. Recall that SHIB dropped 40% within seven hours amid the Bitcoin slump. 

However, as reported by The Crypto Basic, traders expect the asset, above others, to stage a rebound. SHIB currently trades for $0.00003390, having surged 11.17% over the last 24 hours in a push to recovery. The token has maintained a 175% rise in the past seven days.