The Number of Addresses in the Shiba Network Reached a New High
There are currently over 3 million Shiba Inu addresses. Whale activity saw a spike over the weekend. SHIB price, on the other hand, is mostly flat and has lost 6% in the last week.
The number of addresses on the Shiba Inu network has reached a new high. However, SHIB price remains low. According to Glassnode, the number of addresses on the Shiba Inu network has exceeded 3 million addresses and continues to climb. However, the same cannot be said for token prices. Shiba Inu addresses have increased by about 35% since the beginning of this year. This shows that despite the current bear market conditions, interest in the Shiba network and assets remains stable.
Shiba Inu burn rate, which had previously been bullish for SHIB prices, has risen 132% in the last 24 hours, according to Shibburn. Nearly 43 million SHIB tokens have been burned since the same time yesterday. In addition, large transactions on the network increased by about 200%. Analytics provider IntoTheBlock classifies large transactions as transactions exceeding $100,000. It reported an increase in whale activity in the net over the weekend.
The concentration of SHIB holders appears to be heavily weighted in favor of whales, with around 70%. These are classified as addresses holding more than 1% of the circulating supply. According to CoinGecko, the daily volume of SHIB trading in the last 24 hours was approximately $118 million.
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