Shiba Inu (SHIB), the popular meme coin, has reached a new milestone with over 4 million unique addresses holding the token. This signifies a significant increase in the number of people holding SHIB. However, despite this growth, the overall activity within the Shiba Inu network appears to be subdued.
While the number of addresses has been steadily climbing, the number of active addresses participating in the network has recently dropped. In late February, the network saw a surge in active addresses to nearly 49,500, which has since fallen to around 5,400. This suggests that many of the new addresses haven’t actively engaged in transactions recently.
A similar trend is observed with new addresses joining the network. Daily new addresses peaked at over 21,000 on March 5th but have since dropped to around 2,350.
Shiba Inu’s price action also reflects a period of consolidation. The price currently sits around $0.000027, with no significant upward or downward movement observed recently. Trading volume also indicates a lack of major trends, hovering around $527 million.
While the growth in addresses suggests potential for Shiba Inu, the low activity levels raise questions about investor engagement. It remains to be seen if this will translate to future price movements for the meme coin.
