After more than two weeks of volatile price movement, Shiba Inu (SHIB) is attempting to relaunch both its price and network prospects. As things stand, Shiba Inu could be close to dropping one more zero from its current price, which is set at $0.000009246 as of this writing. The token has dropped more than 9.31% over the last seven days and by 0.91% during the last 24 hours.
According to information from the cryptocurrency analytics portal IntoTheBlock (ITB), Shiba Inu’s Daily Active Addresses (DAA) have increased to 3,340, a rise of more than 15%. Even though this number might seem little, the way it has grown over the last week shows how SHIB users are working hard to maintain the adoption trends in the meme currency ecosystem.
The Daily Active Addresses allegedly increased from 2,890 on January 17 to 3,340 on January 18, the day the most recent data was obtained, according to the IntoTheBlock statistics. From 1.28 million addresses on January 8 to 1.29 million addresses as of January 18, the total number of addresses in the meme currency ecosystem has increased even more quickly.
Potential impact on SHIB price
The rebound in Shibarium transaction numbers is consistent with the reported increase in daily active users on Shiba Inu. The number of daily transactions recorded by the protocol’s layer-2 scaling solution has increased to 2.83 million from 1.16 million as of January 13.
The price of the token may be impacted in the background by this expanding recovery in the Shiba Inu ecosystem. Shiba Inu’s price has dropped to zero and then increased at least twice in the last two weeks, resulting in a persistent bull-bear battle during the recovery.
The fundamental network indicators that can spark recovery are being restarted with the rebound in Shibarium transactions and Daily Active Addresses, and the effect on price may soon become apparent.
