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- On Sunday alone, over 7,548 new wallets were created on Shiba Inu, reflecting a 214% increase compared to the token’s average daily growth of approximately 2,400 wallets.
- Ripple and Band Protocol also experienced similar trends, with the creation of 22,357 new XRP wallets and 35 new BAND wallets.
Popular dog-themed meme coin Shiba Inu (SHIB) has witnessed a significant influx of new investors, adding 7,548 new wallets amidst a staggering 72% surge in SHIB’s price on Sunday. This spike in wallet creation is indicative of heightened interest and engagement within the Shiba Inu community. Furthermore, this represents more than a fleeting increase; it signifies a more profound shift in the project’s development and user adoption.
Santiment explained that these substantial spikes in network growth, significantly exceeding the usual rates for each project, indicate strong community engagement. The platform also pointed out that while short-term fluctuations may arise from heightened retail activity, increased utility on any blockchain suggests a favorable long-term perspective.
📈 Network growth is high amongst several altcoins right now. Notably, keep an eye on XRP Ledger, Shiba Inu, and Band. On Sunday alone, we saw…
📌 XRP: 22,357 New Wallets
📌SHIB: 7,548 New Wallets
📌BAND: 35 New WalletsAll of these network growth spikes, relatively much… pic.twitter.com/3i1ZHV3Dvp
— Santiment (@santimentfeed) December 2, 2024
Increased Wallet Creation Reflects Growing Interest
The rising address activity further supports Shiba Inu’s upward growth trajectory. Data from IntoTheBlock reveals significant improvements in various key metrics. In the past week alone, new addresses surged by 62.54%, and active addresses increased by 57.88%. Additionally, the rise in zero-balance addresses, which climbed by 62.01%, suggests a blend of profit-taking and enhanced liquidity within the ecosystem.
Historically, these metrics have been closely correlated with price surges, underscoring the fundamental role of user engagement in SHIB’s dynamics.
The meme-inspired token has also benefited from significant inflows from large holders, reinforcing its market stance. Inflows have increased by 4.78%, suggesting ongoing activity among bigger investors. When examining the broader context of November, the altcoin experienced a staggering 1,270.02% jump in inflows, coinciding with notable price rallies and a resurgence of investor interest. Over the last three months, inflows have skyrocketed by 906.55%, demonstrating a robust appetite for SHIB among traders and investors.
Beyond Shiba Inu, several other altcoins are experiencing significant network growth, indicating a broader trend of increasing interest in the cryptocurrency market. Ripple’s (XRP) saw the creation of an impressive 22,357 new wallets, reflecting strong engagement from investors and traders. Meanwhile, Band Protocol (BAND) also reported a rise in activity, with 35 new wallets added on the same day.
At the time of reporting, SHIB’s price had risen by 1.76% for the day, trading at $0.00002902. To maintain its upward momentum, SHIB must break through the resistance level at $0.000032. A successful move past this point could position SHIB to target $0.000035 or higher. According to our previous report, with important upgrades to Shibarium, the introduction of a deflationary burn model, and an expanding ecosystem following the hard fork, Shiba Inu is positioned for continual growth.
