Shiba Inu Sees 2,000% Explosion In Adoption, Is SHIB Headed For A $0.0008 ATH?

Scott Matherson

1 year ago

3 mins read

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Shiba Inu (SHIB) has been gaining a lot of traction lately, with the meme token seeing an increase in the number of addresses created. This uptrend in the crypto token’s expansion is significant as it could spark a surge in SHIB’s price and possibly a new all-time high (ATH).

Shiba Inu Sees 2,000% Increase In Daily Addresses

Data from the Market Intelligence platform IntoTheBlock shows that SHIB has been attracting over 8,400 new daily addresses in March. This represents almost a 20 times increase from its February daily average. The meme coin’s new daily addresses peaked on March 5, recording 21,000 addresses.

The reason for the increase in SHIB’s adoption is not farfetched, as the Shiba Inu team has continued to implement exciting initiatives that are attracting new investors into the ecosystem. One of these initiatives includes the launch of K9 Finance, a liquid staking derivatives (LSD) platform on the Shibarium network.

Liquid staking looks to be one of the leading narratives of this bull cycle (something that has increased Ethereum’s network activity), and there is no doubt that K9 Finance can also help the Shiba Inu ecosystem achieve the same results.

Meanwhile, blockchain analytics platform Santiment recently highlighted how AI tokens and Meme coins look to be the leading altcoins at the moment. As such, it is unsurprising that investors will want to position themselves with SHIB, the second-largest meme coin by market cap.

The increased interest in SHIB since the beginning of March is already reflecting positively on its price, with the crypto token seeing a gain of over 162% in the last seven days. A sustained increase in SHIB’s adoption will help the meme coin maintain this bullish momentum.

SHIB Gunning For Its All-Time High

SHIB’s all-time high (ATH) currently stands at $0.0008, and with its current bullish momentum, there is a growing belief that it won’t be long before it surpasses that price level. The fact that the bull market also looks to be in full force already makes SHIB hitting a new ATH very possible.

Interestingly, crypto analyst Ali Martinez had predicted that SHIB could rise to as high as $0.011. Although that price level still looks very ambitious, it is one to keep an eye on as the meme coin continues its upward trend. Meanwhile, the Doge community will be on high alert as Dogecoin (DOGE) risks losing its crown to SHIB as the most valuable meme coin.

At the time of writing, SHIB is trading at $0.00003346, up almost 10% in the last 24 hours according to data from CoinMarketCap.

SHIB bulls regain control of price | Source: SHIBUSDT on Tradingview.com

Featured image from Analytics Insight, chart from Tradingview.com

Scott Matherson

Scott Matherson is a prominent crypto writer at NewsBTC with a knack for capturing the pulse of the market, covering pivotal shifts, technological advancements, and regulatory changes with precision. Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers.

Scott’s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott’s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life.

With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others.

Scott’s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott’s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry.

Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors.
In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else.

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