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Shiba Inu continues to attract the interest of crypto investors, leading to a spike in its total addresses.
Recent data from crypto analytics platform IntoTheBlock (ITB) shows a massive surge in Shiba Inu’s total addresses. According to resource, Shiba Inu’s total addresses have surpassed the 4 million mark, representing a significant milestone for the doggy-themed cryptocurrency.
The current figure suggests that Shiba Inu has added over 200,000 addresses since March 1. As of March 1, Shiba Inu’s total addresses stood at 3.8 million. While Shiba Inu’s total addresses are currently above 4 million, the number of addresses holding a portion of SHIB is presently around 1,396,689 (1.39 million).
Shiba Inu Active Addresses Declines
Meanwhile, data from Glassnode, a leading on-chain analytics resource, shows that the number of active Shiba Inu addresses has declined rapidly since last month.
Per Glassnode data, these active addresses increased to 49,500 on March 5, coinciding with the period when SHIB’s price soared to $0.00004500.
With SHIB plummeting below $0.00004000, the number of active addresses also plunged and is currently pegged at 5,400. This indicates that despite total addresses hitting 4 million, network activity has remained low.
However, this could change overnight as the crypto market gradually approaches the peak of the bull market, which is expected to occur after the highly anticipated Bitcoin Halving event.
SHIB Market Activity
In the meantime, Shiba Inu is changing hands at $0.00002768, accompanied by a 24-hour volume of $610.54 million. Shiba Inu has staged a 24-hour increase of 3.2% and a seven-day surge of 2.5%.
Although SHIB has lost most of the gain it recorded on March 5, investors have remained optimistic about the token. This is reflected in the number of addresses holding substantial amounts of SHIB. In particular, 12,176 addresses hold at least 1B units of SHIB ($27,680).