There has been a noticeable increase in the number of new addresses linked to the Shiba Inu currency, according to data from the renowned crypto-intelligence portal IntoTheBlock. The number of Shiba Inu owners’ addresses has grown dramatically since last Friday, rising by a staggering 7,790.
The astounding growth rate shown in these new addresses is even more astounding. From 1,900 to 3,440, the daily growth rate has nearly doubled.
This spike in new addresses was accompanied by a noticeable price recovery for SHIB, with the token rising by more than 8% and briefly by as much as 11%. After the cryptocurrency market experienced turbulence and the value of the Shiba Inu token briefly dropped below $0.000007, the price of the token began to rise.
The decrease in the frequency of zero addresses, which shows the use of “discounts” on SHIB, is another interesting finding. The number of zero addresses has dropped from 2,650 to 1,520 since Friday, indicating that buyers took advantage of the price drop to purchase Shiba Inus.
If the bullish price action for SHIB persists, this spike in new addresses and the consequent drop in zero addresses portends a possible inflow of new holdings. The on-chain data is the key to confirming this prediction and will offer insightful information about the Shiba Inu token’s future course.
