Shiba Inu Notches New Adoption Record In Anticipation Of Shibarium Launch

Opeyemi Sule

Last Updated: June 11, 2024 7:49 am

3 mins read

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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.

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

Opeyemi Sule

Opeyemi is a proficient writer and enthusiast in the exciting and unique cryptocurrency realm. While the digital asset industry was not his first choice, he has remained absolutely drawn since making a foray into the space over two years. Now, Opeyemi takes pride in creating unique pieces unraveling the complexities of blockchain technology and sharing insights on the latest trends in the world of cryptocurrencies.

Opeyemi savors his attraction to the crypto market, which explains why he spends the better parts of his day looking through different price charts. “Looking” is a rather simple way to describe analyzing and interpreting various price patterns and chart formations. However, it appears that is not Opeyemi’s favorite part - in fact, far from it.

Being able to connect what happens on a price chart to on-chain movements and blockchain activities is what keeps Opeyemi ticking. “This emphasizes the intricacies of blockchain technology and the cryptocurrency market,” he would say. Most importantly, Opeyemi thinks of any market insights as the gospel, while recognizing that he is only a messenger.

When he is not clicking away at his keyboard, Opeyemi is most definitely listening to music, playing games, reading a book, or scrolling through X. He likes to think he is not loyal to a particular genre of music, which can be true on many days. However, the fast-rising Afrobeats genre is a staple in Opeyemi’s Spotify Daily Mix.

Meanwhile, Opeyemi is a voracious reader who enjoys a wide category of books - ranging from science fiction, fantasy, and historical, to even romance. He believes that authors like George R. R. Martin and J. K.
Rowling are the greatest of all time when it comes to putting pen to paper. Opeyemi believes his reading of the Harry Potter series twice is proof of that.

Indeed, Opeyemi enjoys spending most of his time within the four walls of his home. However, he also sometimes finds solace in the company of his friends at a bar, a restaurant, or even on a stroll. In essence, Opeyemi’s ambivert (haha! been searching for an opportunity to use the word to describe myself) nature makes him a social chameleon who is able to quickly adapt to different settings.

Opeyemi recognizes the need to constantly develop oneself in order to stay afloat in a competitive and ever-evolving market like crypto. For this reason, he is always in learning mode, ready to pick up the slightest lesson from every situation. Opeyemi is efficient and likes to deliver all that is required of him in time - he believes that “whatever is worth doing at all is worth doing well.” Hence, you will always find him striving to be better.

Ultimately, Opeyemi is a good writer and an even better person who is trying to shed light on an exciting world phenomenon - cryptocurrency. He goes to bed every day with a smile of satisfaction on his face, knowing that he has done his bit of the holy assignment - spreading the crypto gospel to the rest of the world.

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