According to data from Shibariumscan, the Shiba Inu blockchain network experienced an astounding surge in new users. Within 24 hours, the network welcomed 780 fresh accounts, a remarkable increase from the mere 45 accounts recorded the previous day.

Shiba Inu daily transactions. Source: ShibariumScan

This influx of new users has led to a 148% spike in active accounts, jumping from 977 to 1,453 within the same timeframe. While the catalyst behind this sudden surge remains speculative, it undoubtedly underscores an extraordinary phenomenon unfolding within the Shiba Inu ecosystem.

Factors Driving Popularity

One potential catalyst for renewed interest in Shiba Inu is the recent explosion of Shiba Inu’s new users is its burn rate. On May 6th, over 81 million SHIB tokens were permanently destroyed, marking a staggering 4,000% increase in the burn rate.

Source: Shibburn

In addition to the burn rate, the development of Shibarium, Shiba Inu’s layer-2 blockchain solution, has generated significant enthusiasm within the community. In mid-April, the team launched a new user interface, promising faster and smoother compatibility with popular self-custody wallets like MetaMask, Coinbase Wallet, and Trust Wallet.

SHIB Price Finds Support, But Will It Hold?

As of May 8th, Shiba Inu (SHIB) consolidated within a narrow range since April 11th. Currently priced at $0.0000227, it shows a 4.33% decline over 24 hours, with a market cap of $13.53 billion and a trading volume of $281 million.

SHIB/USD 1-day price chart. Source: TradingView

Shiba Inu is oscillating between a support at $0.00002083 and a resistance at $0.00002800. The Relative Strength Index (RSI) stands at 42, indicating neutral momentum. The cryptocurrency is trading slightly above the 50-day and well above the 200-day Exponential Moving Average (EMA), suggesting a potential bullish undertone.

Despite Shiba Inu’s recent price dip below $0.000024, its On-Balance-Volume (OBV) remains steady. This suggests selling pressure may be less severe than expected. If the OBV holds, the price could stabilize or even see a slight recovery.

Furthermore, IntoTheBlock data shows a 382% increase in daily transactions over $100,000, now totaling $60 million. The number of daily active addresses is also increasing, though at a slower pace.

The post Shiba Inu New Users Numbers Surge Signalling Rebound appeared first on CoinChapter.

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Filed under: Bitcoin - @ May 8, 2024 5:21 pm