Shiba Inu Hits Record Highs in Address Growth Amid Market Fluctuations

• Shiba Inu, the dog-themed digital coin, has achieved a historic milestone with 3.6 million addresses.
• Shiba Inu has maintained its user base, boasting 1.25 million addresses with a balance.
• The number of addresses with a balance is a key indicator of trader positioning and long-term interest.

Shiba Inu, the dog-themed digital coin, is making waves with a historic milestone. The total number of Shiba Inu addresses has just soared to an unprecedented 3.6 million. This surge comes despite recent price dips, highlighting the resilient appeal of this canine-inspired token.

According to data from IntoTheBlock, Shiba Inu has not only maintained its user base but also witnessed a surge in the number of addresses holding a balance. Currently, there are an astonishing 1.25 million addresses with a balance in Shiba Inu, shedding light on the cryptocurrency’s enduring popularity.

Number of Shiba Inu addresses does play a notable role

On a shorter time frame, the total number of addresses with a balance can be a crucial indicator of trader positioning, often acting as a leading signal of price fluctuations. Over the long term, this metric reflects the sustained interest in holding a particular cryptocurrency. A surge in the number of addresses with a balance is generally viewed as a positive sign, signaling a robust and expanding user base.

Despite recent market fluctuations, Shiba Inu’s price, denominated at $0.00000724 at the time of writing, shows its resilience, with only a minor decrease of 0.05% in the last 24 hours.

Beyond its flagship cryptocurrency, Shiba Inu’s Layer-2 platform, known as Shibarium, is also making significant strides. Shibarium’s accounts growth indicator, representing the cumulative number of accounts per period, has reached an all-time high of 26,112. This remarkable growth signifies a burgeoning user base and increasing interest in the platform.

Additionally, Shibarium is breaking records in the cumulative number of contracts for the period, standing at 10,448, and verified contracts, numbering 474. These figures underscore the platform’s growing usage and adoption among developers and users alike.

The platform’s metrics are on an upward trajectory, with wallet addresses reaching 1,250,780 and total blocks surging to 834,115. Most notably, the total number of transactions on the Shibarium network has reached an impressive 3,161,171, solidifying its position as a thriving and dynamic Layer-2 solution.