Shiba inu

2,500 New SHIB Addresses Being Created Everyday

The state of Shiba Inu’s network activity has been has been improving lately. A recent analysis by Santiment reaffirmed that the Shiba Inu network has seen a “big rise” in new daily addresses created. Over the past couple of weeks, around 2,500 new Shiba Inu addresses have been consistently added per day.

Source: Santiment

Prior to the latest spike, two other notable spikes were registered recently. One was around mid-June, while the other was towards the end of the month. Around the same time, SHIB rallied in price. First by around 50%, then by around 12%. Contrarily, the network activity remained stagnant and then dropped in April-May. Likewise, the price consolidated, and then dropped in value a couple of times. Thus, given the latest refinement of activity, another SHIB uptick can be anticipated.

Nevertheless, it should be noted that rises have also signalled a market top during a couple of instances in the past. Thus, let us hold back the horses, and delve into the state of a few other metrics to get a confirmation.

SHIB/USDT by TradingView

Also Read: Shiba Inu Investors are Holding SHIB for 200+ Days on Coinbase

Are SHIB investors on board?

Well, for the price to organically incline, at least a handful of fundamentals need to be aligned. Leaving aside the network activity, several other positive signs are currently surfacing for SHIB. At the moment, the Network Realized Profit Loss [NRPL] is completely under water. This metric helps gauge if traders and investors profiting or losing money. Usually, a negative spike on the NRPL indicated that a major chunk of traders are selling at a loss. On any given day, one trader’s capitulation is another trader’s perfect buy-low opportunity. So, whenever there is an excessive amount of profit [positive reading], the market generally counteracts and initiates a downtrend. However, when the losses are drastically dominant on the network [negative reading], like currently, the market is triggered to swing up.

Source: Santiment

Also Read: Dogecoin ‘Shorts’ Helped DOGE Rally 21%

Alongside, the Shiba Inu balance on exchanges is also on a downtrend. This likely means that investors are accumulating SHIB. In the first half of June, more than 9.1% of SHIB’s supply was locked up on exchanges. However now, the number is down to 8.6%. Santiment’s report noted, that the aforementioned trends indicate that there “might be a positive spin” for Shiba Inu in-store. However, with the broader market, led by Bitcoin, seemingly in its correction mode, SHIB could end up applying temporary brakes.

Source: Santiment

Also Read: Shiba Inu: Can the Moon Guide SHIB to $0.00001?

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