Shibu Inu ($SHIB) witnesses unprecedented surge in the number of active addresses on a daily basis, solidifying its position among the top 10 cryptocurrencies.
The recent surge in the price of the meme-inspired cryptocurrency Shiba Inu ($SHIB) has propelled it into the top 10 largest digital assets by market capitalization. This surge has placed it ahead of Avalanche ($AVAX) and just behind Dogecoin ($DOGE).
The price of SHIB has experienced a staggering 300% increase in just one week, mainly due to the success of its layer-2 scaling solution called Shibarium. The network recently surpassed 400 million transactions, showcasing the growing adoption of SHIB. In January of this year, Shibarium had reached the milestone of 300 million transactions.
The SHIB ecosystem has been thriving with activity, as demonstrated by the surge in daily active addresses for the SHIB token. On-chain analytics service IntoTheBlock reported that the daily active addresses for SHIB have skyrocketed in March, surpassing the levels seen in February. The metric reached a remarkable 21,000 this week, which is almost 20 times the daily average observed last month—an astounding surge of nearly 2,000%.
A recent tweet by IntoTheBlock highlighted this achievement: “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.”
Moreover, an early investor who had bet 1.51 Ethereum ($ETH) on SHIB last year has recently moved their investment to Coinbase, a Nasdaq-listed cryptocurrency exchange. By holding onto their funds, the investor secured a gain of an astonishing 600,000%.
According to data from on-chain analysis service Lookonchain, this investor invested $2.521 into SHIB, purchasing 49.8 billion tokens. They have now moved 40.5 billion of these tokens, which had been staked for 2.6 years, to the exchange, resulting in gains of approximately $1.58 million.
The rapid growth of Shiba Inu occurs within a broader cryptocurrency market rally, with other meme-inspired cryptocurrencies experiencing surges as well. The $PEPE memecoin, for example, has surged over 160% in the past week, bringing its total market capitalization to over $3.5 billion.
As Shiba Inu solidifies its position among the top 10 cryptocurrencies, its meteoric rise in daily active addresses and growing adoption underscore its increasing popularity within the crypto community.