Shiba Inu (SHIB) Gains Significant Traction
Shiba Inu (SHIB) has seen a notable increase in popularity recently, marked by a rise in the number of new addresses being created. This expansion could potentially lead to a surge in SHIB’s price and possibly a new all-time high (ATH).
Market Intelligence platform IntoTheBlock reports that SHIB has been attracting over 8,400 new daily addresses in March, almost 20 times higher than its daily average in February. The peak was recorded on March 5, with 21,000 new addresses.
Exciting Initiatives Drive Adoption
The rise in SHIB’s adoption is attributed to exciting initiatives by the Shiba Inu team, such as the launch of K9 Finance—a liquid staking derivatives (LSD) platform on the Shibarium network. Liquid staking is a leading narrative in this bull cycle and could help the Shiba Inu ecosystem achieve similar results.
Blockchain analytics platform Santiment notes that AI tokens and Meme coins are among the leading altcoins currently, which aligns with SHIB’s position as the second-largest meme coin by market cap.
Positive Price Performance
Since early March, increased interest in SHIB has resulted in a price gain of over 162% in the last seven days. Continued adoption could sustain this bullish trend.
SHIB’s current ATH is set at $0.0008, and the ongoing bullish momentum suggests that it could soon surpass this level. As the bull market strengthens, SHIB’s potential for a new ATH increases.
Analyst’s Prediction
Crypto analyst Ali Martinez predicts SHIB could reach as high as $0.011, though this remains ambitious. Meanwhile, Dogecoin (DOGE) faces potential competition from SHIB for the title of the most valuable meme coin.
At the time of writing, SHIB is trading at $0.00003346, up nearly 10% in the past 24 hours according to CoinMarketCap data.