Shiba Inu’s Shibarium network witnesses a significant increase in new accounts, with a 222% surge. Despite this growth, SHIB’s price has faced challenges in 2023.
Shiba Inu’s Shibarium layer-2 network is experiencing a remarkable surge in new accounts. According to Shibariumscan data, active Shibarium accounts have increased by 55.35%, while new accounts have seen an impressive 222% surge, with up to 116 new accounts being created daily. This has elevated the total number of new accounts on Shibarium to an astonishing 26,920.
Additionally, the total number of addresses has exceeded 1.25 million, and the network has processed over 3.04 million transactions. However, Shiba Inu’s (SHIB) price has continued to struggle in 2023, declining by approximately 53% since its yearly peak in February. In contrast, Bitcoin (BTC) has risen by around 60%, and Solana (SOL) has surged by nearly 120%.
CryptoQuant reports a significant movement of nearly 1 trillion SHIB tokens to exchanges, increasing selling pressure. This volume translates to approximately $6.88 million at current rates. Furthermore, large transactions for SHIB have decreased by 1.65%, and the number of SHIB holders in profit has significantly declined, with 91% at a loss and 8% in profit.
These metrics pose challenges for SHIB’s price, raising concerns about a potential decline.