Shiba Inu Notches New Adoption Record In Anticipation Of Shibarium Launch

Shiba Inu (SHIB) has been garnering attention in recent weeks, with its price showing a good recovery after reaching a yearly low in June. This coincides with the excitement around the upcoming launch of Shibarium, a layer-2 blockchain network for the second-largest meme token.

It appears that the forthcoming Shibarium launch has propelled SHIB to a significant milestone, as the number of addresses holding the token has hit a new all-time record. 

Shiba Inu Sets New All-Time High In Addresses

Data from IntoTheBlock reveals that the number of SHIB addresses at a given time has reached a new peak of 3.51 million. The previous all-time high was set in May 2022, when the number of addresses stood at 3.23 million.

The number of addresses holding the SHIB token has been steadily rising in the past few months, but this rate of adoption notably surged in July. This is reflected in last week’s figure, as the number of addresses holding the token spiked by more than 22%.

A steady increase in the number of SHIB addresses suggests a growing interest in the meme token. This can be attributed to a combination of various factors, including the upcoming Shibarium launch, the token’s price performance, and the recent resurgence of DOGE – the poster boy for meme coins.

The recent market activity of Shiba Inu whales further amplifies the optimism surrounding the SHIB token. On Wednesday, August 2, NewsBTC reported that the cryptocurrency’s large volume transactions reached approximately 1.13 trillion SHIB.

SHIB Price Hovers Around Critical Level – Price Overview

The price of the Shiba Inu appears to be slowing down after displaying bullish strength before the end of July. The token rallied nearly 12% between July 28 and July 30 to break above the $0.000008 level.

However, this recent momentum appears to be waning, as the token’s price has not made any notable action in the past few days. With a 0.9% price dip in the last 24 hours, the SHIB token continues to trade within the $0.00000831 zone.

SHIBUSDT trading within the $0.0000083 zone on daily timeframe | Source: SHIBUSDT chart from TradingView

Investors should keep an eye on the meme coin in the coming week, as a break out of this zone could see it visit the $0.0000087 mark again. Moreover, with the Shibarium mainnet launch roughly 10 days away, a bullish scenario may be on the cards.

Related Reading: Shiba Inu Price Prediction: Is Shibarium The Key To A Trend Reversal?

According to CoinGecko data, the SHIB token is currently valued at $0.0000082, representing a 4.5% price increase in the past week. With a market cap of roughly $4.86 billion, Shiba Inu ranks as the 15th-largest cryptocurrency in the market.

Featured image from Unsplash, chart from TradingView