Shiba Inu (SHIB) started March on a high note as more users continued joining the network in droves.
Taking on X, formerly Twitter, leading on-chain metrics provider IntoTheBlock called this development’s attention and stated, “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.”
Per this analysis, new investors are continuously jumping on the SHIB bandwagon, given that the daily uptake has been nearly 20x what was witnessed in February.
Shiba Inu Attracts Significant Crowd Sentiment
Based on its stellar performance, Shiba Inu is attracting positive crowd sentiment. According to CoinGecko data, the second-largest meme coin is already witnessing a bi-weekly surge of 165.8%.
This notable uptrend in the Shiba Inu ecosystem has made SHIB skyrocket from the 18th to become the eleventh-largest cryptocurrency based on market value.
Therefore, Shiba Inu continues to trend based on its significant bull run, as highlighted by Santiment.
The renowned crypto analytic firm pointed out, “Shiba Inu and DogWifHat are top assets traders are anticipating potential rebounds from.”
With a massive SHIB burn on the horizon, Shiba Inu is destined for greater heights since a significant burn rate slashes supply, and depending on market forces, a price increase becomes inevitable.
Lucie, SHIB marketing executive, highlighted that 40 ETH had been collected for the burn.
Meanwhile, the SHIB Army remains optimistic that a price surge to the psychological price of $0.001 is on the horizon thanks to the launch of the long-awaited registration of ‘Shib Names,’ which is touted to spark global adoption.
