- The amount of SHIB addresses saw a 35% increase since the start of 2022.
- The Shiba Inu burn rate has increased by about 132% over the last 24 hours.
- SHIB is currently trading at $0.000008704 after a 1.32% drop in price.
Earlier this morning, Glassnode reported that the number of Shiba Inu (SHIB) addresses has reached a new peak. The figure rose to more than 3 million addresses and continued to climb. Looking back, the amount of SHIB addresses saw a 35% increase since the start of 2022.
Data from Glassnode also indicates that the number of addresses are still steadily increasing despite the currently rocky conditions in the crypto market.
Adding to SHIB’s success is the fact that the Shiba Inu burn rate has increased by about 132% over the last 24 hours. It is estimated that around 43 million SHIB tokens have been burned since yesterday. That’s not all, as the amount of large transactions on the network also surged by 200%.
Although things have been going rather well for SHIB over the last day, these new developments still have not been reflected in the price of the meme coin. According to the crypto market tracking website CoinMarketCap, SHIB is currently trading at $0.000008704 after a 1.32% drop in price over the last 24 hours. SHIB is also still in the red by more than 7% over the last week.
SHIB also weakened against the two biggest cryptos in the market, Bitcoin (BTC) and Ethereum (ETH), by about 2.55% and 2.36% respectively. Also in the red is the meme coin’s 24-hour trading volume which stands at $104,552,150 after a more than 24% decrease.
With its market cap of $4,787,378,130, SHIB is currently the 15th biggest cryptocurrency in terms of market capitalization.
Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own 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.