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SHIB crosses 1.3 million unique addresses as Shibarium upgrade nears

SHIB crosses 1.3 million unique addresses as Shibarium upgrade nears

The popular dog meme-inspired token and self-proclaimed DOGE killer, Shiba Inu (SHIB), continues to gain popularity, recording more than 1.3 million unique addresses on its network in the last week.

On February 16, The total number of unique addresses that hold assets in the network stood at 1,305,553 after eclipsing 1.3 million addresses for the first time on February 7, according to data retrieved by Finbold from CoinMarketCap

The dog meme token has added over 55,000 addresses from its lowest number of unique addresses in the last 3 months on November 29, 2022, of 1,249,790, marking an increase of 4.4%.

SHIB unique addresses. Source: CoinMarketCap

Investors buying up SHIB ahead of Shibarium

Investors have shown a significant amount of interest in the SHIB token as a result of the impending launch of the beta version of Shibarium, which has been the subject of great anticipation. Ryoshi, the creator of the Shiba Inu, is the one who came up with the idea for the Shibarium blockchain or layer 2 solution. 

After the launch, SHIB is expected to transition to L2. In a now-deleted blog post, Ryoshi stated:

“The line between an L2 and own blockchain is thin, I mean what is the difference really between Matic L2 and BSC?”

On February 14, Shytoshi Kusama, the primary developer of Shiba Inu, revealed that the Shibarium project is now ready to be launched. As a first step, he is going to write a medium post with the intention of sharing the project with the rest of the world.

Some speculated that the release of Shibarium might occur on Valentine’s Day, while others voiced alarm at the team’s vague promise of a launch “soon.”

In turn, Kusama said: 

“This made some users believe that the launch on valentine’s day was unlikely.”

SHIB price analysis

Since that whales are continuously increasing their holdings, this news is likely to have a major impact on the price. One whale, in particular, bought 150 billion SHIB in July 2022 when Shibarium was first announced.

Currently, Shiba Inu is trading at $0.00001346, up 4% in the last 24 hours, with a total market capitalization of $7.3 billion. SHIB has a strong support level at $0.00001 and faces in first significant resistance at $0.000014; if it breaks above, it will be looking to climb to $0.00002 in the long term.

SHIB 1-day price chart. Source: Finbold

Elsewhere, The projections made by CoinPriceForecast, which uses machine self-learning technology, indicate a major increase for Shiba Inu by the end of 2023, as per data retrieved by Finbold on February 14.

As it happens, SHIB started the year at the price of $0.00000806 and has since increased by 54%. According to the platform, by the end of this year, Shiba Inu is set to trade at $0.00001474

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

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