Shiba Inu (SHIB) has set a new all-time high in the number of addresses holding the token, according to data from IntoTheBlock. The milestone comes as the community eagerly awaits the release of Shibarium, Shiba Inu’s Layer 2 protocol.
The number of SHIB addresses has been on a steady climb in recent months, but the pace of growth accelerated in July. In the past week alone, the number of addresses holding SHIB has increased by 22%.
Read Also: Top Shiba Inu Influencer Explains Why SHIB Price Is Not Rising Despite Upcoming Shibarium Launch
The surge in activity is likely due to a combination of factors, including the upcoming release of Shibarium, the recent price rally for SHIB, and the broader bull market for cryptocurrencies.
Shibarium is expected to address some of the scalability challenges facing the Shiba Inu ecosystem, making it more attractive to developers and users. The Layer 2 protocol is designed to improve the scalability and efficiency of the Shiba Inu ecosystem by moving transactions off of the Ethereum mainnet and onto a sidechain. This will make transactions faster and cheaper, which could lead to increased adoption of SHIB.
The current all-time high for the number of SHIB addresses is 3.51 million. The previous all-time high was set in May 2022, when the number of addresses stood at 3.23 million.
The price of SHIB has been on a tear in recent weeks, rising from a low of $0.000012 in early June to a high of $0.000034 in late July. This price rally has been driven by a number of factors, such as the upcoming release of Shibarium, the broader bull market for cryptocurrencies, and the increasing adoption of SHIB by merchants and businesses.
Read Also: Redhill Group CEO Anticipates Shibarium Launch In August, Foresees Shiba Inu (SHIB) Price Rally
The broader bull market for cryptocurrencies has also contributed to the surge in activity for SHIB addresses. Bitcoin (BTC) and Ethereum (ETH) have both reached new all-time highs in recent weeks, and this has helped to boost investor sentiment in the cryptocurrency market as a whole. As a result, more investors have been looking to buy SHIB, which has led to an increase in the number of addresses holding the token.
As the community awaits the release of Shibarium, it is likely that the number of SHIB addresses will continue to grow. The Layer 2 protocol could be a major catalyst for SHIB’s growth, and it could help the token to reach new heights.
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