Shiba Inu (SHIB) Sees Major Rise in New Daily Addresses: Report

• Intelligence platform Santiment tweeted that Shiba Inu (SHIB) has seen a significant rise in new daily addresses.
• Despite the underwhelming price performance, Santiment expects SHIB to make a comeback.
• The SHIB Network growth has been quite high lately, according to readings from Santiment’s data.

Market intelligence platform Santiment informed crypto Twitter today that Shiba Inu (SHIB) has seen a significant rise in new daily addresses created, consistently registering over 2,500 per day in the past few weeks. According to the analytics platform, Shiba Inu was one of the tokens accounting for the highest transaction fees on Wednesday.

Despite the underwhelming price movements that it has showcased recently, Santiment assured its readers that the dog-themed meme coin still holds promise. The analysts on the platform believe the drivers of this trend include network growth, network realized profit loss, and supply of SHIB on exchanges.

The SHIB Network growth has been quite high lately, according to readings from Santiment’s data. Additionally, in SHIB’s network realized profit loss metric, only loss is visible so far. This hints at a decreasing selling pressure. And, for SHIB’s supply on exchanges, it is the lowest since 2022. This shortage could translate into a spike in value.

However, the analysts added that understanding the true implications of this situation requires analysis from two distinct perspectives. Firstly, the unexpected attention showered on memecoins can often signal a market top or peak. In this particular instance, the focus on SHIB could be seen as a sign of market saturation or possible future decline.

The second perspective is that the recent attention could rejuvenate the forgotten token. As suggested by Santiment’s metrics, daily active addresses for SHIB were underwhelming before this sudden surge in interest. This, according to the team, could indicate a newfound demand for the token.

At press time, SHIB was trading at $0.000007598 after it nudged up 1.05% over the past 24 hours. Despite the slow movement, the altcoin’s weekly performance remained in the green at +2.81%. Although it could not outperform market leader BTC, SHIB was able to hold up by 0.2% against ETH.

Disclaimer: The views and opinions, as well as all the information shared in this price prediction, are published in good faith. Readers must do their research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.