Bittime - The popularity of the Shiba Inu (SHIB) memecoin is skyrocketing! Based on data from IntoTheBlock, a crypto market analysis platform, the number of new SHIB wallets appearing on the blockchain has jumped sharply this month.
The new wallet signifies a new user joining the Shiba Inu network . The higher the number of new wallets, the more new users will be attracted to SHIB. This could be a positive signal for the future of SHIB.
On the other hand, if the number of new wallets is small, it could be that interest in SHIB is decreasing.
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As can be seen, the number of new Shiba Inu wallets has jumped sharply this month. Currently, around 8,400 new users join its network every day.
This surge in new users coincided with a significant increase in the price of SHIB. The price increase certainly attracts investors, so it is natural that many new users will arrive.
A few days ago, the number of new SHIB wallets even reached a record high with 21,000 new wallets in 24 hours! This figure is almost 20 times the daily average in February.
As mentioned earlier, a high number of new users is a positive signal. The wide user base makes SHIB more stable in the long term.
While adoption does not necessarily affect the price directly, it increases the chances of SHIB continuing to be used for a long time.
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SHIB Surpasses DOGE in Price Increase
After being stagnant for a long time, Shiba Inu is back in the limelight. This may have been triggered by the increase in Bitcoin prices which made investors dare to take risks on more volatile crypto assets.
The price of SHIB has surged more than 264% in the past month, far outpacing the rise of Dogecoin (DOGE), a pioneering memecoin that also experienced sharp gains. SHIB is now even approaching DOGE in terms of market capitalization.
In weekly performance, SHIB rose more than 128%, while DOGE only experienced an increase of less than 20%. If SHIB maintains its strong performance, it is not impossible that it can surpass DOGE.
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What is Shiba Inu (SHIB)?
Shiba Inu (SHIB) is a memecoin inspired by the Shiba Inu dog which was launched in August 2020. Created as a competitor to Dogecoin (DOGE) , SHIB quickly gained popularity and became one of the most talked-about cryptocurrencies in the world.
Other Factors Affecting SHIB
- Market Sentiment: Positive sentiment towards crypto assets as a whole can drive the price of SHIB.
- Listing on Large Exchanges: If SHIB is listed on large exchanges such as Binance and Coinbase, this could increase its exposure and demand.
- Token Burn: The Shiba Inu team periodically burns SHIB tokens to reduce supply and increase their value.
Conclusion
Shiba Inu is showing significant growth in terms of adoption and price. While there are still risks associated with SHIB investments, the potential returns are also large.
How to Buy Crypto on Bittime
You can buy and sell crypto assets in an easy and safe way via Bittime . Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.
To be able to buy crypto assets on Bittime , make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.
Learn Complete Guide How to Buy Crypto on Bittime .
Monitor price chart movements of Bitcoin (BTC) , Ethereum (ETH) , Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
Also read:
Shiba Inu Burn Token Makes Shiba Inu Market Cap Soar Sharply
Dogecoin Vs Shiba Inu: Catching Each Other's Eyes
Shiba Inu (SHIB): What is it, How Does It Work, and Why is it Popular?
Should You Buy Shiba Inu (SHIB) in 2024?
DISCLAIMER : This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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