Reminiscent of the broader memecoin market swings, Shiba Inu (SHIB) maintained a neutral price action in July 2023. However, the rate at which Shiba Inu is attracting new users suggests an impending SHIB price breakout.
Shiba Inu price has experienced mixed fortunes in recent weeks. However, a series of new product development appears to have started yielding visible results. Can the bulls capitalize to trigger a SHIB price breakout?
An Increasing Number of New Users are Joining Shiba Inu Ecosystem
From the SHIB cold wallet launch to the proposed Shibarium upgrade, the Shiba Inu community has been growing at an unprecedented rate. On-chain data shows that since following a massive decline in Q1, SHIB Network Growth began to rise again toward the end of May 2023.
Evidently, at the recent low on May 22, the Shiba Inu ecosystem attracted 972 new joiners. But since then, the figure has gradually increased to reach a local top of 4,007 on June 27. This represents a 312% growth in the new user acquisition rate.
Network Growth measures the new-user acquisition rate by summing up the daily number of wallet addresses created on a particular blockchain network.
At the close of July 6, SHIB users registered another 3,441 new wallet addresses. This shows that the Shiba Inu ecosystem is poised to maintain a high Network Growth in July.
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Author: Ibrahim Ajibade
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