Shiba Inu (SHIB) has given up some of the gains it accrued over the past week. With losses as steep as 5% in early trading hours, Shiba Inu is in dire need of intervention for recovery. This intervention might come from its rising Daily Active Addresses, which data from IntoTheBlock showcases is up 17.41% to 3,700 addresses.
This metric is a measure of how many users in the Shiba Inu ecosystem are utilizing the protocol with its growing use cases. Notably, users can now pay for goods and services using SHIB, opening a major avenue that has expanded with Bitpay’s partnership over the past year.
Though the uptick shows a general positive surge in Shiba Inu’s active addresses, the rate of onboarding new addresses is relatively slow. This implies that the majority of transactions recorded are powered by existing SHIB holders.
This realization is important in charting the recovery of SHIB from its current low as well as its depressed price outlook for the year. Down by 35.31% over the past year, SHIB is underperforming its core rival, PEPE, with 1,800% growth year to date. Changing this will involve a concerted effort from the community, led by existing SHIB holders.
Banking on SHIB’s advantage
Currently priced at $0.000007798, Shiba Inu is looking at retesting the $0.000008 resistance level that marked its highest point in the past month. The meme coin can achieve this by focusing on its core competitive advantages.
Besides growing Daily Active Addresses, Shibarium also has a part to play as it is the most practical channel to onboard new users into the ecosystem. Additionally, the sentiment locked up in the SHIB burn rate can also help trigger a revival as more users may be drawn to the scarcity this feature will ignite and the longer-term impact on price.
Read the full article here