- The Shiba Inu token experiences a remarkable surge in the number of new addresses, coinciding with an impressive 9% rise in the token’s price.
- The noteworthy increase in Shiba Inu holders and a decrease in zero addresses, a signal of active buying, could indicate an influx of new holders if the positive price trend for SHIB continues.
The Shiba Inu token (SHIB) is experiencing a significant uptick in the number of new addresses. According to data from renowned crypto-intelligence platform IntoTheBlock, the count of Shiba Inu token holders has increased by a notable 7,790 since last Friday.
A Surge in Shiba Inu Holder Growth
Even more striking is the growth rate of these new addresses. In a short span of time, the daily growth rate has almost doubled, soaring from 1,900 to 3,440. This sharp increase in SHIB holders coincides with a substantial rise in the token’s price, indicating a correlation between the two.
SHIB has experienced an 8% price upswing, even touching an 11% surge at one point. This recovery in value follows a period of market turbulence that temporarily brought SHIB’s value down to $0.000007.
Active Acquisition Amid Price Drop
A noteworthy trend amidst this surge is the decrease in the number of zero addresses. A decline in these addresses suggests that investors have capitalized on “discounts” offered on SHIB during its dip, buying up tokens as the price dropped. Since Friday, the count of zero addresses has fallen from 2,650 to 1,520, indicative of increased token acquisition.
This dual phenomenon – a rise in new addresses and a decrease in zero addresses – signals a potential wave of new holders entering the SHIB landscape. Of course, this is contingent on the positive price action of SHIB persevering. The on-chain data will play a crucial role in confirming this expectation, providing invaluable insight into the future trajectory of the Shiba Inu token.