Shiba Inu (SHIB) Addresses with Zero Balance Surge to 1.26 Million

In 33 months, the number of Shiba Inu (SHIB) addresses with zero balances has experienced a remarkable spike. November 2023, data from a crypto analytics platform, IntoTheBlock, revealed this information.

On February 1, 2021, only 8,460 addresses held non-zero SHIB balances. However, as of the current month, this number has skyrocketed to an impressive 1.26 million.

SHIB Records Remarkable Addresses Surge

This substantial increase of 1,251,540 addresses since February 2021 indicates a growing interest and participation from investors in the Shiba Inu ecosystem. Notably, the surge in non-zero addresses can be attributed to two key factors.

Firstly, the introduction of Shibarium, a highly anticipated Layer-2 scaling solution for Shiba Inu, has been pivotal in driving the adoption of SHIB. More so, Shibarium has attracted prominent decentralized finance (DeFi) projects to launch on the protocol.

This allows users to purchase and stake their SHIB assets, enjoying the dividends it offers. Secondly, the active and vibrant Shiba Inu community has significantly contributed to SHIB's popularity among investors.

The community consistently promotes SHIB as a preferred asset, especially in anticipation of the upcoming bull run.

The remarkable rally of Shiba Inu in the last bull market has caught the attention of many, prompting those who missed out on the previous opportunity to accumulate SHIB at its discounted price.Notably, the community's widespread promotion has played a key role in driving this accumulation trend.

Beyond these factors, ongoing developmental efforts, the Shib (The Metaverse project), and the SHIBOSHI non-fungible token project have also played significant roles in the widespread adoption of the token.

These initiatives have helped Shiba Inu shed its memecoin image and position itself as a utility token with solid potential.

SHIB's Market Performance Today

Despite the positive factors and noteworthy developments surrounding Shiba Inu, the token is currently recording a 4.45% decline in its price compared to November 21. As of the latest data, Shiba Inu is trading at $0.00000796.

However, it is important to highlight that this price decline has not impacted trading activity with the token. This is evident in its trading volume, which remains resilient, holding at over 45% of its previous day's figure.

The total trading volume now stands impressively at over $209 million.

This robust trading activity indicates a sustained interest and engagement from the market, even in the face of a slight price downturn.

Shiba Inu's ability to maintain significant trading activity despite short-term price fluctuations suggests a resilient and engaged community as the market dynamics evolve.

Regarding its price forecast, there is a tendency for a bullish turn in its price. This possibility hinges on its cost bouncing off the 50-day moving average on the daily price chart.

Although the market still presents a bearish possibility, SHIB's price continues to maintain levels above this support, which could trigger an uptrend over the next 48 hours.

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