Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Shiba Inu (SHIB) is looking to reboot its price and network outlook after more than two weeks of battered price movement. As it stands, Shiba Inu may be on its way to erasing one more zero from its price which, at the time of writing, is pegged at $0.000009246. The token is down by 0.91% in the past 24 hours and by more than 9.31% in the past seven days.
Gamza KhanzadaevData from crypto analytics platform IntoTheBlock (ITB) posits that Shiba Inu’s Daily Active Addresses (DAA) have soared by more than 15% to 3,340. While this figure may appear relatively small, its growth traction over the past week underscores how SHIB users are striving to sustain the adoption trends in the meme coin ecosystem.
The IntoTheBlock data posits that the Daily Active Addresses soared from 2,890 on Jan. 17 to 3,340 as of Jan. 18, when the latest data was compiled. The total addresses in the meme coin ecosystem have even grown at a steeper rate, moving from 1.28 million on Jan. 8 to 1.29 million addresses as of Jan. 18.
Potential impact on SHIB price
The observed upsurge in daily active users on Shiba Inu also conforms with the recovery in Shibarium transaction counts. The protocol’s layer-2 scaling solution now boasts of 2.83 million in daily transactions, up from the 1.16 million recorded as of Jan. 13.
Godfrey BenjaminThis growing recovery in the Shiba Inu ecosystem might have an underlying impact on the price of the token. For at least two times in the past two weeks, the price of Shiba Inu has lost a zero in price and has recovered as well, making its recovery a sustained bull-bear war.
With the recovery in Daily Active Addresses and Shibarium transactions, the core network metrics that can stir recovery are being rebooted, and the impact on the price might soon be visible.
Alex Dovbnya
Vladislav Sopov
U.Today Editorial Team
Dan Burgin