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Shiba Inu

Shiba Inu Hits Another Important Milestone Despite Market Struggles

Scott Matherson
by Scott Matherson
1 year ago
·
Posted in Shiba Inu
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

The Shiba Inu ecosystem has hit another remarkable milestone, surpassing four million total addresses on its network. This achievement comes amidst fluctuations in the cryptocurrency’s price and a string of sharp declines that have pushed its value below market expectations. 

Shiba Inu Total Addresses Hit 4 Million

The total number of addresses on Shiba Inu has now exceeded four million, according to data from IntoTheBlock. This achievement underscores the resilience and continued growth of the doggy-themed meme coin in the competitive market. 

Related Reading: XRP Price Ready To Surge: Crypto Expert Says XRP To Experience Supply Shock With Token Burns

Despite witnessing periods of high volatility and declines, the Shiba Inu network has continued to expand vigorously, underscoring the immense support and strength of its community. More importantly, Shiba Inu’s new milestone emphasizes an increase in its already extensive user base, fostering adoption and aiding the network’s growth and development. 

Earlier in March, the cryptocurrency recorded another milestone, surging by a whopping 170% in its daily active addresses, while the cryptocurrency’s daily trading volume exceeded $16 million. Notably, the Shiba Inu community has been a key factor in driving the ecosystem’s growth and cryptocurrency’s adoption rate. 

SHIB Price Struggles Below $0.00003

At the beginning of the year, the price of SHIB, the native token of the Shiba Inu ecosystem, had witnessed double-digit gains that pushed its price upwards above $0.00003. However, recently, the cryptocurrency has been on a decline trend, rising one moment before retracing and experiencing a price correction. 

Around February and March, the demand and interest for the doggy-themed meme coin surged to unprecedented highs, driving its market value and contributing significantly to its price increases. At the time, SHIB had been among the most popular cryptocurrencies, even hitting new records in Europe by emerging as the second most searched cryptocurrency on the continent.   

Related Reading: Telegram’s Toncoin Flips Cardano Out Of Top 10, Is Dogecoin Next?

Currently, the value of SHIB is trading below market expectations at a price of $0.0000279, at the time of writing. The cryptocurrency displayed a slight uptick in the past week, increasing by about 4.7%. However, in the past month, Shiba Inu has been showing red candles, trading in the red zone for weeks and declining by 14.46%, according to CoinMarketCap. 

These price fluctuations have placed Shiba Inu’s market value in an uncertain position, as more declines could lead to anxiety and uncertainty from investors. Despite the recent bearish performance, SHIB’s price has stayed resilient, striving to keep its value above $0.000027 as the market volatility continues. 

For many investors, this decline will be seen as a buying and HODLing opportunity, as they anticipate a potential rebound in the cryptocurrency’s value to yield profits. 

Shiba Inu price chart from Tradingview.com

SHIB bulls recover from dip | Source: SHIBUSDT on Tradingview.com
Featured image from CoinJournal, chart from Tradingview.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Scott Matherson

Scott Matherson

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Scott Matherson is a leading crypto writer at Bitcoinist, who possesses a sharp analytical mind and a deep understanding of the digital currency landscape. Scott has earned a reputation for delivering thought-provoking and well-researched articles that resonate with both newcomers and seasoned crypto enthusiasts. Outside of his writing, Scott is passionate about promoting crypto literacy and often works to educate the public on the potential of blockchain.

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