The number of active addresses on the Shiba Inu network has reached a new peak of 3 million and continues to grow.
Number of unique addresses is increasing
According to Glassnode, the number of addresses on the Shiba Inu network has reached a new peak. The number of addresses reached 3 million addresses and continues to rise. However, the same cannot be said for token prizes.
Since the beginning of this year there has been an increase of approximately 35% in the number of Shiba Inu addresses. Despite the harsh market conditions, the number of addresses continues to increase steadily. This suggests that interest in the network and asset has remained stable.
Burn rate of Shiba Inu increases
Shiba Inu’s burn rate, which was previously bullish for SHIB’s price, is up 132% in the past 24 hours, according to Shibburn. As of yesterday, about 43 million SHIB tokens have been burned.
In addition, the number of large transactions on the network has increased by about 200%. Analytics provider IntoTheBlock classifies large transactions as those over $100,000.
The concentration of SHIB holders appears to consist of 70% whales. These are classified as addresses containing more than 1% of the circulating supply.
For the past 24 hours, SHIB’s daily trading volume equaled approximately $118 million.
The price of SHIB is up 5 percent in the past 24 hours. Currently, SHIB is trading at $0.000009291 after losing 6% in the past week.
The token has a market cap of $5 billion, ranking it 15th. However, the SHIB price is still 90% lower than its all-time high that it saw in October 2021.