IntoTheBlock: The daily increase in the number of new SHIB addresses has reached a level that is almost 20 times higher than the average

The Shiba Inu rate has shown an increase of almost 300% recently. According to Shibburn, which tracks the profitability of the meme coin, the increase in the value of the coin has given market participants optimism in the context of the future price movement of the cryptocurrency.

However, after rapid growth, the price of Shiba Inu has decreased by almost 8% over the past 24 hours. The digital currency is currently trading at $0.000034.

According to IntoTheBlock, the daily increase in the number of new SHIB addresses has reached a level that is almost 20 times higher than the recent average.

Analysts indicate that from March 1 to March 7, more than 8.4 thousand addresses were opened daily on the Shiba Inu network. The maximum influx of new users was 21 thousand daily discoveries. This is almost 20 times the daily average since the beginning of 2024.

Recently, Bloomberg analyst and “What You’d Miss” host Joe Weisenthal also touched on the topic of meme digital currencies, comparing their explosive growth to the conservative stock market.

The expert is confident in the special attractiveness of such assets, pointing to their ability to generate huge income, which is quite rare in the case of traditional investments.

“Memecoins fill the demand for extremely asymmetric bets in a way that almost no equity could satisfy,” Weisenthal said.

At the same time, he admitted that many meme crypto projects are in fact fraudulent, but this only indicates a serious desire of people to invest their funds in a more traditional and practical way.

Previously, Joe Weisenthal argued that Shiba Inu has significant advantages over the meme crypto coin Dogecoin. According to him, it is incorrect to call SHIB a clone of DOGE, since the token has a full-fledged ecosystem with a decentralized trading platform, the ability to create NFTs and smart contracts.