Shiba Inu (SHIB) has achieved a significant milestone by reaching a new all-time high in the number of addresses holding the token, as reported by IntoTheBlock. This surge in addresses comes as the community eagerly anticipates the launch of Shibarium, Shiba Inu’s Layer 2 protocol.
Rapid Growth in SHIB Addresses
Over the past few months, the number of SHIB addresses has been steadily increasing, but July witnessed a notable acceleration in this growth. In just one week, the count of addresses holding SHIB surged by an impressive 22%. This surge in activity can be attributed to various factors, including the upcoming release of Shibarium, the recent price rally of SHIB, and the overall bullish trend in the cryptocurrency market.
Shibarium’s Potential Impact
Shibarium is expected to tackle the scalability challenges faced by the Shiba Inu ecosystem, making it more appealing to developers and users alike. This Layer 2 protocol aims to enhance scalability and efficiency by moving transactions from the Ethereum mainnet to a sidechain. Faster and cheaper transactions could drive greater adoption of SHIB.
Current and Previous All-Time Highs
The present record for the number of SHIB addresses stands at 3.51 million, surpassing the previous high of 3.23 million achieved in May 2022.
SHIB Price Rally
In recent weeks, the price of SHIB has experienced a remarkable surge, climbing from $0.000012 in early June to $0.000034 by late July. This price rally has been fueled by several factors, including the impending release of Shibarium, the bullish market for cryptocurrencies as a whole, and the growing acceptance of SHIB among merchants and businesses.
Influence of the Broader Cryptocurrency Bull Market
The surge in SHIB addresses can also be attributed to the positive sentiment in the broader cryptocurrency market. With Bitcoin (BTC) and Ethereum (ETH) reaching new all-time highs, investor confidence in the cryptocurrency space has grown. As a result, more investors have been showing interest in SHIB, leading to an increase in the number of addresses holding the token.
Expectations for Future Growth
As the community eagerly awaits the release of Shibarium, it is likely that the number of SHIB addresses will continue to rise. Shibarium’s implementation could be a significant catalyst for SHIB’s growth, propelling the token to new heights in the market.