Shiba Inu Sees 2,000% Explosion In Adoption, Is SHIB Headed For A $0.0008 ATH?
March 08 2024 - 1:00PM
NEWSBTC
Shiba Inu (SHIB) has been gaining a lot of traction lately, with
the meme token seeing an increase in the number of addresses
created. This uptrend in the crypto token’s expansion is
significant as it could spark a surge in SHIB’s price and possibly
a new all-time high (ATH). Shiba Inu Sees 2,000% Increase In
Daily Addresses Data from the Market Intelligence platform
IntoTheBlock shows that SHIB has been attracting over 8,400 new
daily addresses in March. This represents almost a 20 times
increase from its February daily average. The meme coin’s new daily
addresses peaked on March 5, recording 21,000 addresses. Related
Reading: Wall Street Expert Says $100 XRP Price Prediction Has
Expired, What Does This Mean? The reason for the increase in SHIB’s
adoption is not farfetched, as the Shiba Inu team has continued to
implement exciting initiatives that are attracting new investors
into the ecosystem. One of these initiatives includes the launch of
K9 Finance, a liquid staking derivatives (LSD) platform on the
Shibarium network. Liquid staking looks to be one of the leading
narratives of this bull cycle (something that has increased
Ethereum’s network activity), and there is no doubt that K9 Finance
can also help the Shiba Inu ecosystem achieve the same
results. Meanwhile, blockchain analytics platform Santiment
recently highlighted how AI tokens and Meme coins look to be the
leading altcoins at the moment. As such, it is unsurprising that
investors will want to position themselves with SHIB, the
second-largest meme coin by market cap. The increased
interest in SHIB since the beginning of March is already reflecting
positively on its price, with the crypto token seeing a gain of
over 162% in the last seven days. A sustained increase in SHIB’s
adoption will help the meme coin maintain this bullish momentum.
SHIB Gunning For Its All-Time High SHIB’s all-time high (ATH)
currently stands at $0.0008, and with its current bullish momentum,
there is a growing belief that it won’t be long before it surpasses
that price level. The fact that the bull market also looks to be in
full force already makes SHIB hitting a new ATH very
possible. Related Reading: Crypto Analyst Uses Historical
Data To Show When The Bitcoin Price Will Reach $207,000
Interestingly, crypto analyst Ali Martinez had predicted that SHIB
could rise to as high as $0.011. Although that price level still
looks very ambitious, it is one to keep an eye on as the meme coin
continues its upward trend. Meanwhile, the Doge community will be
on high alert as Dogecoin (DOGE) risks losing its crown to SHIB as
the most valuable meme coin. At the time of writing, SHIB is
trading at $0.00003346, up almost 10% in the last 24 hours
according to data from CoinMarketCap. SHIB bulls regain
control of price | Source: SHIBUSDT on Tradingview.com Featured
image from Analytics Insight, chart from Tradingview.com
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