Analytical platform experts note that from March 1 to March 7, more than 8,400 new addresses were opened daily in the Shiba Inu network. At its peak, the influx of new users reached 21,000 daily discoveries, which is almost 20 times the average daily figure since the beginning of the year.
The increased attention to the Shiba Inu network from crypto investors coincided with the historical values ​​of the SHIB memcoin, which showed a rapid weekly growth of almost 300%, from $0.000013 to $0.000044.
The Bitcoin rally and the confident growth of crypto market capitalization have caused some crypto-investors prone to speculative operations to want to invest in riskier and more volatile assets, experts at IntoTheBlock believe.
Shiba Inu’s closest competitor, the Dogecoin memecoin, also experienced a sharp increase in value, but in absolute terms (34% versus 163%), DOGE lags significantly behind SHIB.
The capitalization of the cryptocurrency market exceeded $2.5 trillion and reached the levels of April 2021. Moreover, more than half of the total volume consists of Bitcoin and Ethereum.
Source: Bits
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