In a recent development, Shiba Inu’s (SHIB) Shibarium layer-2 network has experienced a notable uptick in new accounts, despite the cryptocurrency’s ongoing price struggles.
As per data on Shibarium, active Shibarium accounts have risen by 55.35% while new accounts have soared by around 222%. This surge translates to around 116 new accounts being created daily, taking the total new accounts on Shibarium to an impressive 26,920.
The total number of addresses on Shibarium has also surpassed 1.25 million, with over 3.04 million transactions being recorded on the network. However, despite this surge in user activity, Shiba Inu’s price has continually faced difficulties throughout 2023, with a year-to-date drop of around 53%.
According to data from CryptoQuant, nearly 1 trillion SHIB tokens have been moved to exchanges, resulting in a significant increase in selling pressure. The current market value of these tokens stands at approximately $6.88 million.
Further insights from IntoTheBlock reveal that large transactions for SHIB have dropped by 1.65%, potentially indicating a bearish trend. The platform also reports that the number of profitable SHIB holders has significantly decreased, with around 91% of holders currently at a loss.
Despite initial optimism that the Shibarium launch would bolster Shiba Inu’s price, these metrics paint a less than rosy picture for the popular dog-themed cryptocurrency.
Read Now: Dormant Bitcoin wallet springs back to life, records $80 Million profit