Shiba Inu (SHIB), a meme-inspired cryptocurrency often compared to Dogecoin (DOGE), is signaling signs of a potential breakout. With its price surge over the weekend and a growing number of whale transactions, SHIB has caught the attention of traders once again. Despite a significant market capitalization loss since its all-time high in October 2021, on-chain analytics firm Santiment highlights positive signs for SHIB’s future.
Price Rise and Whale Transactions:
Santiment reports an 8% price rise over the weekend, bringing Shiba Inu back on traders’ radars. Although the cryptocurrency has experienced a substantial market capitalization decrease, the occurrence of 14 separate whale transactions over $1 million in a single day, the highest since April 3, indicates renewed interest. Furthermore, the number of unique tokens in circulation has reached a 3-week high, reinforcing positive sentiment.
Explosive Growth and New Addresses:
Data from IntoTheBlock reveals explosive growth in SHIB’s daily new addresses during the second quarter. On June 27, the cryptocurrency recorded over 4,000 daily new addresses, reflecting a remarkable 357% increase compared to May 21’s 877 daily new addresses. This growth signifies a surge in user adoption and indicates the growing popularity of the meme-inspired cryptocurrency.
Shibarium Testnet Milestone:
Shiba Inu’s layer-2 scaling solution, Shibarium, has achieved a significant milestone on its testnet called Puppynet. The network has processed a total of 25.5 million transactions, with approximately 270,000 transactions per day. This milestone highlights the scalability and potential of Shibarium, attracting attention and generating enthusiasm among SHIB investors and users.
Increasing User Numbers:
SHIB’s user numbers have been soaring recently, boosted by discount deals with major platforms. Both Binance and Alternative Airlines have unveiled discount offers involving the meme-inspired cryptocurrency, contributing to its growing popularity. These partnerships not only enhance SHIB’s visibility but also reinforce its position within the crypto space.
Shiba Inu (SHIB) is showing promising signs of a potential breakout, with its price surge, increased whale transactions, and growing user numbers. Despite a significant market capitalization loss, SHIB has regained attention from traders, indicating renewed interest in the meme-inspired cryptocurrency. The growth of daily new addresses and the milestone achieved by the Shibarium testnet further contribute to SHIB’s positive outlook. With strategic partnerships and increasing adoption, Shiba Inu continues to establish itself as a prominent player in the cryptocurrency market.