The dog-themed cryptocurrency Shiba Inu (SHIB) is still appealing to new investors, according to an on-chain indicator.
Per IntoTheBlock data, Shiba Inu is seeing an increase in new users. The SHIB adoption rate, which calculates the percentage of new addresses performing their first transaction out of all active addresses on a given day, jumped to 39.27% on Feb. 17, according to data from IntoTheBlock.
This means that more than two out of every five active SHIB addresses are new to the network, indicating that the token's popularity and demand are expanding.
The adoption rate of SHIB has continuously increased since Feb. 11, when it was around 32%. This trend demonstrates that SHIB is keeping existing users while also attracting new ones.
This adoption rate indicator from IntoTheBlock provides insights into the network's growth in terms of new user adoption. A higher percentage could imply an expanding network with increasing new user uptake. Conversely, a lower percentage might suggest a mature network with a stable user base.
Shiba Inu has constantly increased its total number of addresses, despite its price lag. According to IntoTheBlock data, Shiba Inu has plotted a straight-ascending graph of total addresses, which currently stand at 3.79 million. Total addresses with a balance are now at 1.29 million.
Shiba Inu Layer 2 Shibarium is undoubtedly contributing to the growth of the user base, attracting more participants to the Shiba Inu ecosystem.
According to the Shibariumscan explorer, the total number of transactions has reached 355,378,250. The number of wallet addresses has now reached 1,352,445, with a total block count of 3,238,557.