Shiba Inu’s Network Growth Flips Bullish; Here’s What It Means

Shiba Inu Net net growth has turned bullish according to metrics provided by IntoTheBlock’s analytics. The Net Network Growth Indicator tracks the number of Shiba Inu wallets that have held their coins for less than 30 days. Therefore, a bullish reading could imply that more Shiba Inu holders have held onto their coins recently despite the market volatility experienced in December, taking into account the December 4 market sell-off.

IntoTheBlock
Fountain: IntoTheBlock

After reaching the million milestone in the number of owners at the end of November, Shiba Inu is adding new users. According to WhaleStats, The current Shiba Inu keeper count has reached a staggering 1,080,058.

Among these, the top 1,000 ETH wallets tracked by the whale watch website have 52,507,978,883,328 SHIB tokens, or $ 1,747,397,709 worth.

In terms of market prices, the increase in the number of users may not directly affect the token. But from a primary growth perspective, this can be a healthy sign. Shiba Inu is trading 4.89% at $ 0.00003378, as of press time.

Shiba Inu continues to add utility

Shiba Inu continues to add more utility in an attempt to give up its “meme currency” status. Early 2021 saw the launch of the decentralized exchange ShibaSwap, which brought with it decentralized finance services (DeFi) like betting and loans.

Then, in December 2021, SHIB developer Shytoshi Kusama hinted at the development of a Shiba Inu-centric metaverse, “Oshiverse,” based on Shiba Inu Games. Oshiverse would be based on Shibarium, a Layer 2 solution built on top of Ethereum for Shiba Inu.


Source: https://u.today/shiba-inus-network-growth-flips-bullish-heres-what-it-means-0

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