The number of addresses on the Shiba Inu network has reached a new peak. However, SHIB prices remain depressed as market consolidation continues.
According to Glassnode, the number of addresses on the Shiba Inu network has reached a new peak. The figure topped 3 million addresses and continues to climb. However, the same cannot be said for token prices.
Furthermore, there has been an increase of around 35% in Shiba Inu addresses since the beginning of this year.
Addresses continue to increase steadily despite the desolate market conditions. This suggests that interest in the network and assets has remained steady in an otherwise tumultuous year for crypto.
However, Glassnode also reported that active addresses had plateaued along with SHIB prices.
Shiba Inu Burn Rate Increases
The Shiba Inu burn rate, which has previously been bullish for SHIB prices, has increased 132% over the past 24 hours, according to Shibburn. Around 43 million SHIB tokens have been burned since the same time yesterday.
Furthermore, large transactions on the network have surged by around 200%. Analytics provider IntoTheBlock classifies large transactions as those exceeding $100,000. It reported the uptick in whale activity on the network over the weekend.
The concentration of SHIB holders appears heavily weighted in favor of whales at around 70%. These are classified as addresses that hold more than 1% of the circulating supply.
There has been around $118 million in daily volume for SHIB trading over the past 24 hours, according to CoinGecko.
SHIB Price Outlook
SHIB prices have fallen back over the past six hours or so, dropping 2%. At the time of press, SHIB was trading at $0.00000886 after losing 6% over the past week.
The token has a market capitalization of $5.2 billion. This gives it a market cap rank of 15, which is just below the OKX exchange token OKB. Furthermore, SHIB is currently down 90% from its October 2021 all-time high.
BeInCrypto analysts have predicted a fall to a new yearly low for SHIB prices this month. For those with strong convictions over the future of this meme token, now could be a good entry point.
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions.