CandleFocus

Shiba Inu Welcomes 7,548 New Wallets as SHIB Price Spikes by 72%

Author: Content Editor
Shiba Inu, a large-cap altcoin, has experienced significant growth in recent weeks. The coin has seen a 17% increase in value since last week and a 72% increase since November. The network has also seen growth, with the creation of 7,548 new wallets. This trend is not exclusive to Shiba Inu, as other altcoins like XRP and Band Protocol have also seen increases in new wallets. While these increases indicate growing interest and activity, they may also result in short-term price volatility. However, the rising network utility is seen as a positive development for blockchain adoption in the long term. Address activity metrics also highlight Shiba Inu's growth, with significant increases in new addresses and active addresses. The increase in zero balance addresses suggests profit-taking and increased liquidity. This pattern is often seen during bull markets and is associated with price rallies. Additionally, large holders have made substantial inflows into Shiba Inu, further strengthening its market position. November saw a significant increase in inflows, coinciding with price rallies and renewed investor interest.

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