Will the threefold increase in the number of Shiba Inu users affect the price of SHIB?
Date: 2023-07-09 Author: Karina Ziganova Categories: BLOCKCHAIN
Readings from key on-chain metrics indicate that the actions of Shibarium's developers have not gone unnoticed. Let's figure out how this can affect the price of a popular memecoin.
More and more users are joining the Shiba Inu ecosystem
The Shiba Inu community is growing at an unprecedented rate. According to the analytical platform Santiment, in the period from May 22 to June 27, the number of daily new users of the network increased by 312% - from 972 to 4007.
As of the end of the day on July 6, SHIB users have registered another 3,441 new addresses. This shows that the ecosystem is ready to maintain a high growth rate of the network, which over time will necessarily affect the price of the token.
The number of active addresses continues to grow
An additional confirmation of the bullish outlook is a noticeable increase in network activity over the past two weeks. As shown in the graph below, between June 23 and July 6, the number of Shiba Inu users making transactions soared by 27%, from 27,432 to 32,208.
If this trend continues, the surge in activity could trigger another breakout of the SHIB price.
Bulls may push SHIB to $0.000010
Rising demand for SHIB could spur a potential bullish rally towards $0.000009. However, the sales wall at $0.000008 looks like a major hurdle. As shown in the graph below, 91,460 addresses that have purchased 32 trillion tokens can slow down, if not stop further growth.
If it falls below $0.0000070, the initiative will go to the bears. 37,760 wallets that bought 30.3 trillion coins can provide some support to the asset. But if they don't hold out, the price of the memecoin is likely to continue moving towards $0.000006.
