shiba inu The number of addresses in the network recently recorded a new peak. The consolidation in the market overshadowed this important development and continued to suppress the price.
According to Glassnode data, the number of addresses on the Shiba Onu network exceeded 3 million addresses, breaking a record. While the number of addresses continues to increase by breaking records, it is difficult to say the same for the price of SHIB.
Shiba Inu native token SHIB has seen a 35% increase in address count since the beginning of this year.
The unfavorable market conditions throughout 2022 do not seem to discourage Shiba Inu investors. This situation was interpreted as a good development for the ecosystem.
Shiba Inu Burn Rate Increases
shibburnAccording to , the previous SHIB burn rate has increased by 132% in the last 24 hours. Approximately 43 million SHIB tokens have been transferred to burn wallets since yesterday.
In addition, large transactions on the network increased by 200%. According to IntoTheBlock data, transactions exceeding $100,000 are categorized as ‘large transactions’.
As Koinfinans.com previously reported, Shiba Inu whale activity was also strong throughout the weekend.
The density of SHIB owners seems to have gained weight in favor of whales around 70%. These are classified as addresses holding more than 1% of the circulating supply.
According to CoinGecko, the daily volume of SHIB in the last 24 hours has been around $118 million.
SHIB Price Forecast
The Shiba Inu price has dropped 2% in the last six hours. At press time, SHIB is trading at $0.00000886 after losing 6% last week.
SHIB has a market capitalization of $5.2 billion. This puts him in 15th place behind OKX (OKB). Also, SHIB is currently down 90% from its all-time high in October 2021.
You can follow the current price action here.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.