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Shiba Inu Addresses Skyrocket: Ripple Effect on SHIB Price Revealed

Sun, 05/28/2023 - 12:08
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Gamza Khanzadaev
Explosive surge in new Shiba Inu addresses hints at game-changing shift in SHIB price
Shiba Inu Addresses Skyrocket: Ripple Effect on SHIB Price Revealed
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The Shiba Inu network has witnessed a remarkable increase in activity, resulting in a surge of new SHIB addresses being created. On May 26, a staggering 2,538 fresh addresses emerged, signifying the highest growth in three months, according to renowned crypto analyst Ali Martinez.

Billions of SHIB Burned Within Past 7 Days As Shiba Inu Price Attempts to Recover

What makes this development even more intriguing is the simultaneous rise in activity coinciding with the Shiba Inu token's return to its local low of approximately $0.0000083 per SHIB. Subsequently, the token's value has surged by nearly 7% over the past three days, suggesting a keen interest from buyers as the price reaches this particular range.

SHIB to USD by CoinMarketCap

The sudden surge in Shiba Inu address creation signifies growing interest and involvement in the cryptocurrency. As more investors create new addresses, the network expands, leading to increased liquidity and market participation. Consequently, this surge in activity is likely to have a significant impact on the overall SHIB market.

SHIB Price Analysis for May 27

It remains to be seen how the Shiba Inu ecosystem will further evolve and whether the increased address growth will have a lasting impact on the token's price. Right now, SHIB's price action obviously depends on general market sentiment, and its own narratives like memes or Shibarium have no impact. The general market is also in a state of limbo with less than four days left until the end of the "sell in May."

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About the author

Financial analyst, trader and crypto enthusiast.

Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master's program in banking and asset management.

He wants to have a hand in covering economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.