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April 21, 2024
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Shiba Inu (SHIB) Supply Shock: Rising On-Chain Activity Sparks Frenzy for Bullish Rally

The post Shiba Inu (SHIB) Supply Shock: Rising On-Chain Activity Sparks Frenzy for Bullish Rally appeared first on Coinpedia Fintech News

Shiba Inu (SHIB), the second largest meme coin by market capitalization and global community, has encountered a range of responses due to the increased delays in the launch of its Shibarium layer two. Trading around $0.00000759 on Thursday, Shiba Inu’s price has experienced a notable decline of approximately 46 percent since February this year.

However, amidst this price downturn, a recent report by market intelligence platform Santiment reveals that Shiba Inu accounted for the highest transaction fees on Wednesday, signaling a significant surge in meme-coin activity.

Shiba Inu’s Network Growth

Santiment’s report sheds light on the significant network growth within the Shiba Inu ecosystem, which includes tokens like BONE and LEASH. Over the past month, the number of new Shiba Inu addresses created has averaged more than 2,500 per day, underscoring the increasing interest and participation in the meme-coin community.

An interesting trend within the Shiba Inu landscape is the significant decrease in its supply on exchanges throughout the year. In fact, the current supply level is the lowest it has been since 2022. This decline in exchange supply indicates a growing demand from holders who prefer self-custodial storage options, reflecting a shift towards increased control over their Shiba Inu holdings.

The Market Is at Crossroads

With a market valuation of $7.5 billion, Shiba Inu finds itself at a critical juncture, subject to different market perspectives. On one hand, the surge in on-chain activity could be interpreted as a sign of the end of an era, suggesting a saturation point in the memecoin market. Santiment argues that the focus on SHIB might indicate market saturation or even hint at a possible future decline.

On the other hand, the heightened on-chain activity witnessed in Shiba Inu could also signify an awakening interest, potentially leading to a price rally in the upcoming weeks. The increased participation and engagement within the Shiba Inu community could serve as a catalyst for renewed investor enthusiasm and optimism.

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