According to on-chain data from IntoTheBlock, there has been a noticeable increase in the adoption rate of Shiba Inu, signaling a rise in new investors entering the SHIB ecosystem. This surge in new users can be attributed to the accessibility of Shiba Inu’s low price, presenting an attractive opportunity for novice crypto investors to enter the market at discounted rates.
The adoption rate of Shiba Inu spiked by 39.27% on February 17, as reported by IntoTheBlock. This metric, calculated based on the percentage of newly created addresses performing their first transactions out of all active daily addresses, provides insight into the growth of the network and the influx of new users. In this case, the significant increase in adoption rate indicates a notable expansion in the SHIB ecosystem, driven by the arrival of new participants.
The growth in Shiba Inu’s adoption rate can be linked to multiple factors. Firstly, the potential for Shiba Inu to yield significant returns has garnered attention from investors, with the anticipation of another bullish market presenting an opportunity for new entrants to capitalize on the token’s low price.
Additionally, the implementation of Shibarium, Shiba Inu’s L2 scaling solution, has also played a pivotal role in attracting new users. Since the launch of Shibarium’s mainnet in August, the platform has gained traction due to its low fees and faster processing times, resulting in a substantial increase in user accounts and total transactions.
As of now, Shiba Inu is trading at $0.00000980, indicating a slight decrease in the past 24 hours. Despite this, the token has experienced a 5.1% surge in the past week and a 9.1% rise in the 14-day chart, showcasing its potential for growth amid the influx of new investors. With the combination of a growing adoption rate and the introduction of Shibarium, Shiba Inu continues to attract interest and participation within the crypto industry.
