Shiba Inu ($SHIB) Sees Meteoric Rise in Daily Active Addresses as It Solidifies Its Position Among Top 10 Cryptos

The meme-inspired cryptocurrency Shiba Inu ($SHIB) has been seeing its price skyrocket over the last few weeks, to the point it has recently entered the top 10 largest digital assets by market capitalization ahead of Avalanche ($AVAX) and behind Dogecoin ($DOGE).

As recently reported, the price of $SHIB moved up over 300% in a single week as its layer-2 scaling solution, Shibarium, started hitting new milestones. The network topped the 400 million transaction mark earlier this week as $SHIB’s adoption grows. Shibarium hit the 300 million transaction mark back in January of this year.

The $SHIB ecosystem has shown it’s buzzing with activity, with on-chain analytics service IntoTheBlock recently revealing that the daily active addresses for the $SHIB token have skyrocketed since March began, far exceeding February’s levels. This metric peaked at a staggering 21,000 this week, nearly 20 times the daily average seen last month, seeing a surge of nearly 2,000%.

Notably, a cryptocurrency trader who bet 1.51 Ethereum ($ETH) on the meme-inspired cryptocurrency back in 2021 has, after hodling onto their funds, recently moved them to Nasdaq-listed cryptocurrency exchange Coinbase to secure a gain of 600,000%.

According to data from on-chain analysis service Lookonchain the trader, who bet $2.521 into the meme-inspired cryptocurrency to buy 49.8 billion tokens, has moved 40.5 billion tokens that had been staked for 2.6 years to the exchange to make around $1.58 million in gains.

Shiba Inu’s growth comes amid a wider cryptocurrency market rally that has been seeing other meme-inspired cryptocurrencies surge as well. The $PEPE memecoin, for example, has also recently surged over 160% over the past week to now have a total market capitalization of over $3.5 billion.

Featured image via Unsplash.