Remember Doge? Well, move over – another dog-themed cryptocurrency is barking its way back into the limelight. Shiba Inu (SHIB), the Dogecoin-inspired meme coin that took the internet by storm in 2021, is experiencing a remarkable resurgence. But this comeback isn’t driven by mere hype – a surge in user activity suggests a deeper transformation for SHIB.

Related Reading: Is Dogecoin The New Millionaire Maker? Over 1,000 Addresses Hold Big Bags

Shina Inu Network Awakens From Slumber

After a period of relative quiet, SHIB’s network has come alive with a surge in daily active addresses. IntoTheBlock (ITB), a leading blockchain analytics firm, reported a near 2,000% increase in active addresses from February’s average to a peak of 21,000 on March 5th.

This dramatic uptick indicates a significant rise in user engagement, suggesting the Shiba Army – SHIB’s passionate community – is back in action.

Shiba Inu kicks off March with a bang, attracting over 8.4k new addresses daily & peaking at 21k new daily addresses – nearly 20x February’s daily average. #ShibaInu #SHIBARMY pic.twitter.com/5hXvKfqfio

— IntoTheBlock (@intotheblock) March 7, 2024

Analysts remain divided on the exact cause of this renewed interest. Some point to the recent price increase, while others speculate positive news surrounding the Shiba Inu ecosystem or simply a resurgence of the meme coin’s virality might be at play.

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Author: Christian Encila


				

					
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