Bullish for Shiba Inu (SHIB): Non-Zero Addresses Surpass Major Milestone

TL;DR

• Shiba Inu (SHIB) wallets with a balance above $0 have surged to 1.26 million, marking an almost 15,000% increase since February 2021, driven by factors like SHIB’s price rally and a peak market capitalization of over $40 billion.
• The growth in non-zero SHIB addresses could also be attributed to initiatives like the burning mechanism, with recent reports of a significant increase in the burn rate and billions of tokens being made inaccessible.
• The development of Shibarium, Shiba Inu’s layer-2 blockchain solution, might have also contributed to the memecoin’s progress, with over 4 million transactions and nearly 1.3 million addresses since its launch in August.

A 15,000% Surge

The popular memecoin – Shiba Inu – has passed through countless achievements during its approximately three-year existence. According to recent data, SHIB wallets with a balance of over $0 havespikedto 1.26 million. In comparison, this figure was just 8,460 in February 2021, representing an almost 15,000% increase.

Reaching the impressive milestone could be attributed to numerous factors, such as SHIB’s price rally during the bull run two years ago. The asset’s valuation hit an all-time high in October 2021, whereas its market capitalization exceeded the $40 billion mark

Another element boosting the number of non-zero addresses could be different programs that Shiba Inu’s team has embraced to swell the asset’s adoption. One such strategy is the burning mechanism.

As CryptoPotato reported, Shiba Inuwitnessedalmost 1.5 billion tokens sent to an address that nobody could access in October. Most recently, the memecoin projectsawa 19,000% increase in its burn rate on a 24-hour scale.

Shibarium Could Also Play a Role

The further advancement of Shiba Inu’s layer-2 blockchain solution – Shibarium – might be another reason why the memecoin has been rapidly progressing in the past several months.

The network saw the light of day in August and has already blasted through multiple important milestones. Its total transactionssurpassedthe 4 million mark, while the number of total addresses is inching towards 1.3 million

Those willing to dive deeper into the matter and learn more about Shibarium’s specifics and purposes could take a look at our video below: