Shiba Inu Adoption Rate Climbs to 58%, Highest Since 2020

The weekend was quite monotonous in terms of price action in the crypto market. With Bitcoin horizontally trading below $30,000, most other asset prices have also remained stagnated. Shiba Inu was not an exception to the ongoing trend. With a negligible movement of 0.5% over the past day, SHIB was seen exchanging hands around $0.000007835 during the Asian trading hours on Monday, July 24. Despite the humdrum price landscape, the Shiba Inu on-chain ecosystem has been quite lively. In this article, we will be delving into the same.

Also Read: Shiba Inu to 50 Cents? Here’s What Must Happen For SHIB To Reach $0.50

Shiba Inu holders show resilience

Shiba Inu’s new adoption rate has been on the rise lately. Owing to its latest rallies, this metric is well above 58%. In fact, at press time, it was at its highest level since 2020. This means newcomers are in-lead and are actively participating in the market now.

Source: IntoTheBlock

Also Read: Societe Generale Becomes 1st Company to Receive Crypto License in France

Parallelly, it is interesting to note that the SHIB address birth-death ratio continues to remain positive. This indicator compares the new addresses with the ones that have been inactive for over a year. The 30-day average of this metric was hovering around 0.3 at press time. Even though the ratio has subsided of late, it is still higher than its Q2 lows. The current positive reading brings to light the gradual growth of SHIB’s user base.

Source: IntoTheBlock

Also Read: I Will Exempt Bitcoin-Dollar Conversions From Taxes: Robert Kennedy Jr

In fact, the average duration for which participants hold SHIB has also been inclining. Over the past 30 days, its reading has risen by around 75.28%. Currently, this metric is well above its 2023 average. Ergo, holders seem to be more patient, while new participants are in command at the moment. Thus, when the price of the asset initiates a trend change, it will have an organic base pre-set, that could foster recovery.

Source: IntoTheBlock

Also Read: Shiba Inu: Can SHIB Make You a Millionaire After Shibarium Releases?

  • shib
  • shiba inu

Comments

Post a Comment

Popular posts from this blog

Shiba Inu: Here's How Much SHIB Can Rise in 2025

Image
Shiba Inu (SHIB) has a lot of expectations tied to its protocol. Countless individuals are invested in the project, in the hopes of becoming wealthy. However, is the asset going to deliver again? That remains a question only time will answer. At the moment, experts at Finder have given their opinion on how SHIB may perform till the year 2025. According to a survey, Shiba Inu (SHIB) is anticipated to reach $0.00004930 by the year 2025. The panel included 55 fintech specialists. Source: Finder Among the panelists, some are more optimistic about SHIB than others. According to Alexander Kuptsikevich from FxPro, SHIB could reach upto $0.0001 by 2025. Yet, Kuptsikevich did say that “It is unlikely to roar as it did in 2021.” Nonetheless, he did add that SHIB “can ride the future waves of the crypto market.” Will Shiba Inu actually reach $0.00004930? It should be noted that the survey was conducted in October 2022. Since then, SHIB has unveiled a lot more projects and initiatives that co...
Read more

Twitter thread shows Coinbase’s servers may be compromised

A Coinbase user recently shared a Coinbase-related scam story indicating that the exchange’s servers might be compromised . Jacob Canfield, a YouTube host and bitcoin enthusiast, claimed he received a text message about a changed two-factor authentication (2FA) setting on their Coinbase account. Shortly after, he got three phone calls from an individual claiming to be a Coinbase customer support representative. The calls originated from a San Francisco number, adding to the illusion of legitimacy. Holy shit. I just got attacked with one of the most complex scams in #crypto that I have seen to date. Please read if you use @coinbase. This just happened 15 minutes ago. THIS IS A WARNING FOR ALL COINBASE USERS! There has been some sort of a data breach. First, I… pic.twitter.com/aOVWLpAtY4 — Jacob Canfield (@JacobCanfield) June 13, 2023 During the calls, the impersonator asked whether Canfield was traveling outside the US and whether he had requested changes to the email ...
Read more

Bitcoin skeptic Charles Schwab bank deposits down 30% YoY, while BTC is up 50%

Image
The Charles Schwab Corp. (NYSE: SCHW)  is among the most affected financial firms facing a drop in customer deposits due to the increased interest rate environment in the United States, according to its Q3 2023 report. This presents a real challenge for a company that relies primarily on clients’ uninvested cash to fund its interest-earning businesses. Charles Schwab’s consumer bank deposits tumbled 28% year-over-year (YoY), causing its net interest revenue to drop 23.5% in the third quarter, which also negatively affected its quarterly revenue of $4.61 billion (-16.2% from Q2). A recent post on X (Twitter) by the event-driven trader Gurgavin Chandhoke highlights Charles Schwab as the financial company with more accumulated losses in bank deposits since Q3 2022. BANK DEPOSITS OVER THE LAST 1 YEAR BMO UP 21% AMERICAN EXPRESS 20% SCOTIABANK UP 9% CIBC UP 4% RBC UP 3% JP MORGAN DOWN 1.2% CITI DOWN 2.5% GOLDMAN DOWN 2.5% TD DOWN 2.6% BANK OF AMERICA DOWN 3% WELLS FARGO D...
Read more