In a remarkable turn of events, Shiba Inu (SHIB) has witnessed a significant uptick in both adoption rates and transaction volumes. According to the latest data from the analytic platform IntoTheBlock, the meme-inspired cryptocurrency has seen its adoption rate climb by 36% over the past week. Concurrently, transactions involving SHIB valued between $1 million and $10 million have surged by an impressive 150%.
Between July 18 and July 25, Shiba Inu’s adoption rate experienced notable fluctuations. On July 18, the adoption rate was approximately 33%, but by July 25, it had risen to 36.16%. This increase comes amidst a backdrop of price volatility and a brief weekly pullback. Despite these fluctuations, the data indicates a general upward trend in new adoption, although this has not consistently correlated with immediate price changes.
A deeper look into the 30-day average reveals that while the adoption rate peaked at 40.12% on June 28, it dipped to a low of 17.40% on June 30 before stabilizing. This volatility underscores a nuanced relationship between adoption rates and price movements, suggesting that long-term trends and sustained activity might play a more significant role in influencing SHIB’s market value.
In addition to the rise in adoption, large SHIB transactions have shown a striking increase. IntoTheBlock’s analysis highlights that transactions ranging from $1 million to $10 million surged by 150% over the last month. This surge contrasts with a decline in transactions valued between $100,000 and $1 million, which fell by 47.37%. The increase in high-value transactions could signal growing confidence among large investors, despite the overall market’s volatility.
Several factors may be contributing to this positive shift for Shiba Inu. Notably, the SHIB token has recently garnered increased attention due to high-profile events. On July 18, the hacking of an Indian exchange, which led to the theft of over 5 trillion SHIB tokens, resulted in a dramatic 4,822% increase in SHIB’s burn rate, with nearly 44.3 million tokens being burned within 24 hours. This event, while initially alarming, may have spurred renewed interest and engagement from the community.
Moreover, ongoing developments from the Shiba Inu team, including the much-anticipated release of Shiba Eternity, a digital card game integrating Web3 technology, continue to generate buzz and attract potential new users. These advancements reflect the project’s efforts to evolve beyond its meme origins and establish a more robust presence in the cryptocurrency space.
As Shiba Inu navigates this period of increased adoption and transaction volume, it remains to be seen how these trends will impact its market dynamics in the long term. For now, the data paints a picture of growing interest and confidence among both new and established investors in the Shiba Inu ecosystem.
