- The total number of SHIB addresses has entered into the 4 million band.
- SHIB volume has remained below $1 billion.
Data indicates that Shiba Inu [SHIB] has achieved a significant milestone in the number of addresses, signaling growth for the memecoin. However, despite this positive development, other address metrics suggest a decline in overall activity.
Shiba Inu addresses hit 4 million
Analysis of Shiba Inu’s address metric on Glassnode revealed that the total number of addresses has recently surpassed the 4 million mark. This marked a significant milestone for the memecoin.
Source: Glassnode
Also, this achievement represents the first time in its history that Shiba Inu has reached such many addresses. The chart illustrates a consistent growth trajectory over the past few months, with a notable uptrend observed at the beginning of the previous month.
Specifically, addresses increased from about 3.8 million on 1st March to around 4 million.
Comparing the Shiba Inu address activity
Analysis of Shiba Inu’s active addresses showed a contrasting sentiment compared to the positive trend observed in the total number of addresses.
While there has been an increase in active addresses compared to previous months, the current figures show a significant decline from previous highs.
Source: Glassnode
An examination of the chart showed that the number of active addresses surged to around 49,500 towards the end of February. This was a considerable increase from an average of 4,000.
However, following this peak on 5th March, there has been a notable decline. As of the latest data, the number of active addresses was around 5,400.
Despite this being a notable figure, it pales compared to the total number of addresses, which exceeds 4 million. This suggests that while there are many Shiba Inu addresses, the level of activity within the network is relatively low.
Furthermore, the analysis of new addresses follows a similar pattern to that of active addresses, with a peak observed on 5th March followed by a significant decline.
The chart indicates that while there were over 21,000 daily new addresses on 5th March, this number has decreased to around 2,350 at the time of writing. Overall, these metrics suggest subdued activity levels within the Shiba Inu network.
SHIB continues losing streak
Analysis of Shiba Inu’s price action on a daily timeframe indicates a lack of significant trends recently. Notably, a spike in price occurred around 5th March, coinciding with a surge in new and active addresses within the network.
Source: TradingView
However, since then, the price has experienced relatively subdued movements. At the time of writing, it was trading around $0.000027, representing a decline of less than 1% from the previous session.
The decline follows a decrease of over 4% in the previous trading session. Overall, the current price trend suggests a period of consolidation for Shiba Inu, with no clear directional bias observed.
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Further analysis of Shiba Inu’s trading volume reveals a lack of notable trends in recent times. At the time of writing, the trading volume was over $527 million.
The figure indicates that trading activity has been relatively stable, with no significant spikes or declines observed in the near term.
