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Shiba Inu's Network Growth Flips Bullish; Here's What It Means

Wed, 12/22/2021 - 10:48
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Tomiwabold Olajide
Shiba Inu network continues to grow, with new users adding daily
Shiba Inu's Network Growth Flips Bullish; Here's What It Means
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Shiba Inu's net network growth has flipped bullish according to metrics supplied by IntoTheBlock analytics. The net network growth indicator tracks the number of Shiba Inu wallets that have held onto their coins for less than 30 days. Therefore, a bullish reading might imply that more Shiba Inu holders have held onto their coins recently despite the market volatility experienced in December—bearing in mind the Dec. 4 market sell-off.

IntoTheBlock
Source: IntoTheBlock

After reaching the one million milestone in the number of holders in late November, Shiba Inu is adding new users. According to WhaleStats, Shiba Inu's current holder count has reached an astonishing figure of 1,080,058.

Among these, the top 1,000 ETH wallets tracked by the whales' surveillance website are holding 52,507,978,883,328 SHIB tokens, or $1,747,397,709 worth.

In terms of market prices, the increase in the number of users may not directly impact the token. But from the perspective of primary growth, this may be a healthy sign. Shiba Inu trades up by 4.89% at $0.00003378, as of press time.

Shiba Inu continues to add utility

Shiba Inu continues to add more utility in a bid to relinquish its ''meme coin'' status. Early 2021 saw the launch of decentralized exchange ShibaSwap, bringing along decentralized finance (DeFi) services such as staking and lending.

Then in December 2021, SHIB developer Shytoshi Kusama hinted at the development of a Shiba Inu-centric metaverse, ''Oshiverse,'' based on Shiba Inu Games. Oshiverse would be based on Shibarium, a Layer 2 solution built atop Ethereum for Shiba Inu.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.