Shiba Inu on Verge of 4 Million Addresses as SHIB Adoption Rate Jumps

Dog-themed cryptocurrency Shiba Inu SHIBUSD is on the brink of achieving a significant milestone, approaching the four million mark in total addresses, which refers to all addresses that have ever been created and at one point have held SHIB, including those that still do.

This comes as the SHIB adoption rate has significantly increased, indicating growing interest in the cryptocurrency.

IntoTheBlock data indicates that Shiba Inu has reached 3.98 million total addresses, boosted by a surge in new addresses being created as SHIB peaked at highs of $0.00004575 on March 5.

According to data from the same source, Shiba Inu's new adoption rate, which indicates the rate of new user adoption, is currently 40.22%. Shiba Inu SHIBUSD Total Addresses, Courtesy: IntoTheBlock

The new adoption rate indicator from IntoTheBlock gives the percentage of new addresses making their first transaction out of all active addresses on a given day. It provides insight into the share that newcomers make out of total activity.

At a current 40.22%, this implies that two out of five active SHIB addresses are new to the network.

This Shiba Inu adoption rate remains particularly impressive as the market faces uncertainty. Since the start of April, the crypto market has faced volatility, owing largely to macroeconomic uncertainty.

After a stellar 144% price increase in March, SHIB's price has struggled to gain momentum. Shiba Inu has steadily declined since March 28, when it reached a high of $0.00003285.

According to CoinMarketCap, the price of Shiba Inu is $0.0000269, up 2.67% in the last 24 hours after falling for two days in a row.

In positive news, Shiba Inu has surpassed Bitcoin as the most traded digital asset on WazirX, one of India's top cryptocurrency exchanges.