The number of active addresses on the Shiba Inu network has begun to rebound after falling significantly on April 11, when the market was experiencing a volatile session.
Around mid-last week, the number of active addresses on the Shiba Inu network fell significantly from its weekly high of 2,568 to 1,707, marking a major decline of about 33% within just 24 hours, according to data from CryptoQuant.
This suggests that user participation in the leading dog-themed meme token plummeted significantly over the period. The slowdown is largely attributable to the market downturn that fueled uncertainty among traders.
Shiba Inu regaining momentum
However, the metric has since reversed course, showing a decent recovery over the last four days. The number of active Shiba Inu addresses is currently at 1,986 as of April 15. This marks a substantial resurgence of 16.82% over the period.
This resurgence in Shiba Inu network activity has come as the broader crypto market begins to see investors sentiment increasingly flip bullish.
Notably, the surge in active addresses has followed a sharp price rally that saw Shiba Inu reclaim its previous high and record notable daily gains.
As such, the rebound in network usage suggests that Shiba Inu is regaining momentum following the rally and that network participants are gradually returning. This signals growing confidence and optimism among both investors and traders.
With the broader crypto market now showing signs of renewed strength, Shiba Inu has begun to stabilize. However, SHIB has briefly flipped negative, showing a decline 0.81% over the last 24 hours, trading at $0.000005869 as of the time of writing.
If momentum is fully restored, analysts predict that Shiba Inu might be close to removing another zero from its price.
Dan Burgin
U.Today Editorial Team
