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Shiba Inu Soars: 20x Adoption Boom – Can SHIB Topple DOGE?

Shiba Inu Soars: 20x Adoption Boom – Can SHIB Topple DOGE?

According to on-chain data, the number of Shiba Inu new addresses every day reached a level that was about 20 times higher than the previous month’s average.

Shiba Inus Have Seen An Increase In Adoption Lately

Data from IntoTheBlock, a market intelligence company, indicates that Shiba Inu has experienced a spike in new address registrations this month. Here, “new addresses” refers to SHIB addresses that are first connected to the blockchain.

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A significant flood of new users may be observed by the memecoin network when the quantity of such addresses is high daily. This kind of quick uptake is encouraging for cryptocurrencies.

Conversely, low metric values indicate that the currency isn’t seeing many new addresses added daily, potentially signaling weaker demand for the token compared to its current strength.

Here is a graphic that illustrates the pattern of Shiba Inu’s daily new addresses during the previous month:

Shiba Inu Adoption
The value of the metric seems to have been quite high in recent days | Source: IntoTheBlock on X

The graph indicates that this month has seen a significant increase in the daily number of new Shiba Inu addresses. Eight thousand four hundred new users are joining the network at the moment.

The memecoin’s price has increased significantly at the same time as its acceptance rate has risen sharply. Investors find rallies like these appealing. Thus, it seems sense that many users have been swarming the network as they have happened.

The indicator reached an unprecedented height a few days ago when 21,000 new addresses joined the chain in a single day. IntoTheBlock reports that this peak was over 20 times higher than the daily average in February.

As noted, favorably viewing adoption can occur as a broader user base indicates a more substantial foundation for the cryptocurrency.

Prices and adoption typically don’t go hand in hand. It does, however, increase the likelihood that the asset will be used for a while to come.

SHIB’s recent rally has outperformed DOGE’s

Shiba Inu has just risen to life after being stagnant for a while, maybe due to the Bitcoin surge giving investors the courage to invest in these riskier assets.

With a gain of over 264% over the previous month, the coin has experienced an incredible surge. The asset’s trajectory is displayed in the chart below.

Shiba Inu Price Chart
The asset’s price has recently skyrocketed | SHIBUSD on TradingView is the source.

Even though the original memecoin, Dogecoin, saw a significant increase around that time, it was still unable to keep up with Shiba Inu. Due to this performance disparity, DOGE and SHIB are currently next to one other on the market capitalization list.

Dogecoin vs Shiba Inu
SHIB vs DOGE in terms of the market cap | Source: CoinMarketCap

Market capitalization comparison of SHIB vs DOGE | Source: CoinMarketCap Shiba Inu has seen weekly earnings of almost 128%, while Dogecoin has seen less than 20%. SHIB might very well switch to DOGE if it maintains this strength against its competitor in the future.

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