Popular meme coin Shiba Inu [SHIB] has recorded a spike in the daily addresses created, consistently over 2,500 per day in the past couple of weeks.
Santiment’s latest insight shed light on one of 2021’s top candidates on why the token still got potential despite its lackluster price performance.
SHIB has hogged the limelight due to its numerous developments in the meme token’s ecosystem such as the upcoming mainnet launch of L-2 Shibarium, Shiba Eternity, or the recently launched collaborative studio shibacals.
The asset was also among those that accounted for the highest transaction fees, reflecting a surge in activity around this meme coin.
An analysis of Shiba Inu’s underlying tendencies by the analytics platform indicates that there may be a silver lining to this development for Shiba Inu.
The catalysts that played a role include strong network growth, the network’s fully realized profit loss, and the dwindling availability of SHIB on exchanges.
Another analysis also supports the same result.
Shiba Inu ended the second quarter [Q2] of the year with robust growth and increased market activity. In spite of the ups and downs experienced in the choppy crypto environment, IntoTheBlock reported an increase in the number of daily new addresses for SHIB.
Since the lows of the preceding quarter, it actually increased by a whopping 357%.
One may recall that SHIB’s network activity in the first quarter was not particularly strong, and even concerns were raised regarding the meme token’s long-term viability. The increase in new addresses, however, suggested that SHIB had garnered traction.
Shiba Inu Records 84% Rise In Short-Term Trading
Along with a surge in the new addresses count, SHIB has seen an 84% spike in short-term trading over the past 30 days, per IntoTheBlock data.
Blockchain intelligence platform, IntoTheBlock compiles addresses based on how long an address has held a certain cryptocurrency asset.
Following is a breakdown of these addresses: The terms “Hodlers,” “Cruisers,” and “Traders” refer to long-term investors, mid-term or so-called swing traders, and short-term speculators, respectively.
According to these classifications, hodlers make up 69% of all Shiba Inu addresses, cruisers or midterm traders make up 27%, and traders make up 4%.