Addresses Holding Shiba Inu Rises Tremendously; Here’s Why

Addresses Holding Shiba Inu Rises Tremendously; Here’s Why

The number of addresses holding Shiba Inu (SHIB) increased in July, per the data on IntoTheBlock. The blockchain analytics platform reported that the number of SHIB addresses increased by 115% per week. Additionally, the number increased by 22% from the prior week, continuing to rise. SHIB now contains 1.24 million non-zero addresses and 3.51 million total addresses.

Additionally, the increase in addresses occurs at the same time as SHIB crosses the $0.000008 resistance level. For several weeks, the asset was unable to move past this level. New users and money, however, appear to have had the desired effect.

While the number of addresses has increased, the Shiba Inu rally appears to be slowing down. On July 30, the token reached $0.00000872, and since then it has been trending downward. In addition, over the past 24 hours, the price of the token has decreased by 2%.

Related Reading: Shiba Inu Reaches New Heights with 5.5 Million Wirex Users & 81 Million Retailers Globally

Rise in Address May be Due Upcoming Launch

The imminent Shibarium launch may be responsible for the increase in addresses. The layer-2 network launch is one of Shiba Inu’s largest in its three-year history. Shiba Inu is one of the most well-known cryptocurrency projects out there. Many supporters and users anticipate that once the new blockchain becomes live, the price of the token will increase dramatically.

Another explanation would be the potential launch of SHIB’s metaverse at the Blockchain Futurist Conference later this month in Toronto, Canada. The team is “two weeks away to show the world,” according to Marcie Jastrow, a metaverse adviser for SHIB and one of the conference speakers.

Read Also: Crypto Educator Davinci Jeremie Bullish on Shiba Inu’s Future

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