Shiba Inu Claws Back Gains But This Metric Shows Better Days

Shiba Inu (SHIB), the second-largest memecoin by market capitalization is experiencing a mixed price action as bears go on a subtle rampage. 

Shiba Inu Mixed Performance Growth Metrics

At the time of writing, Shiba Inu is changing hands at a price of $0.000007802, down by 0.71% over the past 24 hours. The current price slump has further contributed to the plunge of the digital currency which is now down by more than 5% in the Week-to-Date (WTD) period. 

The gloom in the Shiba Inu ecosystem is not an encompassing one as the memecoin is seeing impressive growth in other aspects, especially its daily user counts. According to data from the crypto analytics platform, IntoTheBlock (ITB), Shiba Inu has seen as high as 92.32% growth in its daily active account.

Per the insight shared by the analytics outfit, as many as 11,120 addresses are active on the network at the moment, up from just about 5750 addresses when compared to this same time last week. Additionally, Shiba Inu is seeing a consistent uptick in other key network metrics including new addresses and zero balance addresses as well.

Shiba Inu is building the right momentum to chart an uptrend that is billed to be consistent in the long term. 

As a protocol that is keenly anticipating the launch of Shibarium, its layer-2 network on the mainnet in the coming weeks, the positive metrics are a testament to its growing popularity across the board.

The Shibarium Advantage

As it stands, the latest uptick in the Shiba Inu ecosystem already counterbalances the negative price run. When the growth trend is explored more holistically, the positivity that Shibarium is going to usher in in terms of user count and transaction growth.

These metrics are substantial and can eventually solidify the usability of the Shiba Inu and Shibarium ecosystems, placing a positive pressure on price as demand will shoot up in the long term.

The remaining innovations being championed by the SHIB protocol including its metaverse project, Shib the Metaverse will help provide an advantage that will push SHIB above its peers in the most important performance metrics for the memecoin ecosystem.

Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture. Follow him on Twitter, Linkedin

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.