According to information from cryptocurrency analysis firm IntoTheBlock, there has been a new achievement for Shiba Inu (SHIB), a widely-used meme coin. The data reveals that SHIB now boasts over 4 million unique wallet addresses. This figure represents a significant growth and signifies heightened curiosity towards the memecoin. The potential implications could be an expansion in its usage and acceptance within the crypto market.
SHIB Total Count Includes Empty Wallets
In this scenario, the sum of address counts represents a grand total that encompasses every single address generated since inception. Consequently, it takes into account not only those holding SHIB tokens but also unused or empty wallets.
According to IntoTheBlock, the number of SHIB cryptocurrency addresses with a balance has reached over 1.3 million. This surge in addresses suggests heightened activity within the SHIB community. The increased participation is often a bullish sign and may attract more merchants, businesses, and corporations to support SHIB, potentially leading to a larger user base.
Shiba Inu appears intentional in preserving a robust market price and worth. Recent statistics from ShibBurn, the Shiba Inu burn tracker, reveal that an astounding amount of 135 million SHIB tokens were incinerated within a day, equivalent to a burn rate of over 1,344%. These tokens, valued at approximately $3,869, were eliminated through twelve separate transactions. However, current ShibBurn data indicates that the burn rate has significantly decreased, with only around 6.5 million SHIB tokens being burned the previous day.
On Monday, an account associated with a whale, holding around 692 billion SHIB or over $19 million, transferred these tokens from a digital wallet on Crypto.com. It is currently unverified that the intended recipient is BitGo, a cryptocurrency trust and security firm rumored to have ties with Crypto.com. This assumption arises due to the fact that the receiving wallet received over 200 transactions within the previous three days, all originating from Crypto.com.
Currently, SHIB is priced at $0.00002747 following a 1.6% increase over the last week. Yet, this cryptocurrency, which ranks as the 12th largest by market capitalization, experienced a decline of over 3% in the previous day.
SHIB Bullishness vs Competition from ‘Culture Coins’
The enthusiasm among Shiba Inu community members is reflected in LucieSHIB, a team member and marketing expert. Last month, she expressed her confidence that SHIB could reach $0.01, fueling the widespread “dream of one cent” belief.
Unfortunately, SHIB and other well-known meme coins might face increased competition. Andrew Kang, co-founder of Mechanism Capital, recently shared insights about a new category of “culture coins,” which boast strong communities. According to Kang, Dogecoin (DOGE) was the pioneer meme coin, inspired by a popular internet joke. DOGE then paved the way for other meme coins featuring animal mascots.
In the opinion of Kang from Mechanism Capital, the emerging trend of meme coins, also known as culture coins, derives its power from authentic groups bound by common values, identities, interests, and ideologies. He underscores the unique benefit of these coins, explaining that their communities grow more robust when members hold similar beliefs. For instance, Joe Boden ($BODEN) and MAGA ($TRUMP) are cited as examples of meme coins with passionate followings, centered around “anti-woke,” “anti-Biden,” and conservative viewpoints.
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2024-04-10 15:48