One of the most notable developments the Shiba Inu has shown recently is the impressive increase in its daily active addresses. SHIB, one of the popular cryptocurrencies called meme coin, recorded a 198% increase in terms of active addresses last week. One of the main reasons for this increase may be the increasing role and importance of the Shiba Inu in the DeFi (Decentralized Finance) space. Here are the details…
It is noteworthy that Shiba Inu daily active addresses increased by 198% last week. According to IntoTheBlock data, the most important part of this growth occurred yesterday.
First of all, this huge increase in the number of daily active addresses shows that Shiba Inu’s user base is growing. More people are using SHIB and this increases the acceptability and usability of the project. Additionally, the increased activity of the SHIB community means that other ecosystem projects are attracting more attention.
On the other hand, expectations for price recovery are also increasing. At press time, SHIB is at $0.00000718. While SHIB is struggling to maintain its strong position in the market, this large increase in daily active addresses can be considered a turnaround signal of the market.
While it is too early to draw firm conclusions, it is notable that SHIB has shown some resilience in the face of a generally bearish market.
One of the key factors contributing to the increase in daily active addresses may be the Shiba Inu’s increasing importance in the DeFi space.
DeFi is a rapidly growing segment of the cryptocurrency world, and Shiba Inu is trying to gain a significant place in this trend. DeFi projects aim to break the boundaries of traditional finance and provide users with decentralized financial services. Increased user interaction may increase the token’s liquidity and trading volume, which may positively impact the price of SHIB.
If we take a closer look at the current data, Ethereum’s Total Value Locked (TVL) has been trending downward recently, while Shiba Inu’s TVL has remained relatively stable. While this isn’t a big deal compared to Ethereum, it could be a positive sign for the Shiba Inu, especially if Ethereum continues to lose ground.
All in all, the meme coin community seems to be entering an exciting phase. The increase in daily active addresses shows that SHIB’s user base is growing and the project is attracting more attention. Additionally, the possibility of price recovery is also noteworthy. However, what should not be forgotten is that the cryptocurrency market is always full of uncertainties, so caution should be exercised before investing.
You can follow the current price movement here.