Shiba Inu Hits Another Important Milestone Despite Market Struggles

The Shiba Inu ecosystem has hit another remarkable milestone, surpassing four million total addresses on its network. This achievement comes amidst fluctuations in the cryptocurrency’s price and a string of sharp declines that have pushed its value below market expectations. 

Shiba Inu Total Addresses Hit 4 Million

The total number of addresses on Shiba Inu has now exceeded four million, according to data from IntoTheBlock. This achievement underscores the resilience and continued growth of the doggy-themed meme coin in the competitive market. 

Despite witnessing periods of high volatility and declines, the Shiba Inu network has continued to expand vigorously, underscoring the immense support and strength of its community. More importantly, Shiba Inu’s new milestone emphasizes an increase in its already extensive user base, fostering adoption and aiding the network’s growth and development. 

Earlier in March, the cryptocurrency recorded another milestone, surging by a whopping 170% in its daily active addresses, while the cryptocurrency’s daily trading volume exceeded $16 million. Notably, the Shiba Inu community has been a key factor in driving the ecosystem’s growth and cryptocurrency’s adoption rate. 

SHIB Price Struggles Below $0.00003

At the beginning of the year, the price of SHIB, the native token of the Shiba Inu ecosystem, had witnessed double-digit gains that pushed its price upwards above $0.00003. However, recently, the cryptocurrency has been on a decline trend, rising one moment before retracing and experiencing a price correction. 

Around February and March, the demand and interest for the doggy-themed meme coin surged to unprecedented highs, driving its market value and contributing significantly to its price increases. At the time, SHIB had been among the most popular cryptocurrencies, even hitting new records in Europe by emerging as the second most searched cryptocurrency on the continent.   

Currently, the value of SHIB is trading below market expectations at a price of $0.0000279, at the time of writing. The cryptocurrency displayed a slight uptick in the past week, increasing by about 4.7%. However, in the past month, Shiba Inu has been showing red candles, trading in the red zone for weeks and declining by 14.46%, according to CoinMarketCap. 

These price fluctuations have placed Shiba Inu’s market value in an uncertain position, as more declines could lead to anxiety and uncertainty from investors. Despite the recent bearish performance, SHIB’s price has stayed resilient, striving to keep its value above $0.000027 as the market volatility continues. 

For many investors, this decline will be seen as a buying and HODLing opportunity, as they anticipate a potential rebound in the cryptocurrency’s value to yield profits. 

SHIB bulls recover from dip | Source: SHIBUSDT on Tradingview.com

Featured image from CoinJournal, chart from Tradingview.com