Shiba Inu Network Exhibits No Major Growth Post-Shibarium

SHIB Investor Makes Whopping $2M: Lookonchain Data
  • New addresses on the Shiba Inu network declined by 70% since January 2023.
  • Trading volume of Shiba Inu (SHIB) plunged by 35.13% in the last 24h.

Undeniably, the beta launch of Shibarium did cause an uproar among the crypto community. Crypto Twitter predominantly became the chief ground that contained the hype. In spite of this, the Shiba Inu network or its token SHIB did not register any significant growth. Notably, the number of new SHIB investors decreased lately.

Shiba Inu New Addresses (Source: Glassnode)

According to the on-chain data recorded by Glassnode, the new SHIB addresses peaked on January 18 with a count of nearly 6075 addresses. Post this surge, the count registered a notable drop – over 70% – to 1,799 addresses, at press time. This indicated the failure of the memecoin to captivate new investors. Moreover, the launch of Shibarium Beta did not positively impact the memecoin’s price as expected. 

Shiba Inu’s Growth Slowed Down 

Notably, the Shiba Inu (SHIB) price recorded a series of tiny-peaked rallies paired up with follow-up drops. SHIB hit its high of 2023 in early February. Rather than spiking up, the price of SHIB gradually began sliding down. That is, in 48 days, the memecoin plunged 30%. 

As per TradingView, Shiba Inu traded high at $0.000015 on February 4. The aforementioned price range was recorded as the 3-month-high for the memecoin. At the time of writing, SHIB was down at $0.00001078. 

SHIB Price Chart (Source: TradingView)

There is another parameter to note for the Shiba Inu network – the SHIB burn rate. The token’s burn rate witnessed massive shoot-ups post-Shibarium Beta launch. Astoundingly, on Thursday, the official Shibburn tracker traced an 8517% hike in the burn rate. But conversely, it fell 36% in the last 24 hours.

Recommended For You

A perpetual learner who loves writing. Passionate about investing her time and zeal to explore the crypto world. Curiosity and creativity are her superpowers. Protection Status