Shiba Inu is yet to recover from its recent volatility, but its network activity has continued to intensify, signaling growing participation in the Shiba Inu ecosystem.
According to the latest data from Santiment, Shiba Inu has achieved a substantial increase in the number of active addresses participating in its network over the last week.
Shiba Inu key metric up 26%
Notably, the data shows that active addresses on Shiba Inu have surged from the 1,983 registered on August 12, to a massive 2,506 on August 18.
This shows an addition of 523 active addresses within the 7-day period, marking an increase of 26.4% in the metric over the last week.
Although the rapid surge in the number of Shiba Inu active addresses does not directly provide a bullish signal for the asset, investors are hopeful that the increase in user activity could potentially drive demand for SHIB, which could eventually trigger a major price recovery.
Shiba Inu network activity versus price action
The sharp increase in the Shiba Inu network activity has drawn attention from market participants, as it marks a major divergence from its price movements over the same period.
Over the last week, Shiba Inu has continued to trade under pressure despite showing a modest gain of 1.1% over the last 24 hours. Its overall weekly performance remains weak as it trades at $0.000004452 as of the time of writing.
While Shiba Inu's next price action remains uncertain, a sustained increase in its network activity alongside growing demand could eventually ease its volatility and position the asset for a brief rally.
U.Today Editorial Team
Dan Burgin
