Shiba Inu outlook: Over 7,500 new wallets boost SHIB ecosystem as prices hit 8-month high

Shiba Inu (SHIB) has displayed significant performance over the past few weeks.

Trading at $0.00001712 early in November, the meme token soared 93% to $0.000033159 on late 1 December.

The robust uptrend saw the frog-themed cryptocurrencies exploring price levels not seen over the past eight months.

Subsequently, Shiba Inu’s ecosystem has witnessed robust growth, with address activity signaling improved engagements within the SHIB blockchain.

Shiba Inu attracts new players

On-chain analytics firm Santiment highlighted SHIB as among the altcoins seeing impressive network growths.

The meme project recorded 7,548 new wallet creations after prices hit the $0.000033159 high.

The upsurge matches surged engagements as the altcoin season narrative gains steam.

Ripple’s XRP and Band Protocol witnessed similar trends, with 22,357 and 35 new address creations.

Santiment added that the unprecedented network growth spikes highlight enhanced crowd engagement and euphoria.

While increased retail activity could trigger volatile price actions in the near term, the trends suggest increased asset utility. 

IntoTheBlock data testifies to the increased address activity within the Shiba Inu blockchain.

The project saw a 63% increase in new addresses within the past week, whereas active addresses surged by 58%.

Further, zero-balance wallets increased by 62.01% in that timeframe, suggesting magnified liquidity and profit-booking after recent gains.

Such trends are often visible during bull runs, confirming increased transaction volumes and speculative exits.

Notably, price surges have historically followed these observations.

SHIB’s price outlook

The second-largest meme token by market value trades at $0.00002945, up over 70% on its 30-day chart.

Source – Coinmarketcap

SHIB appears to consolidate after hitting multi-month highs while still 22% up over the past seven days.

Meanwhile, analysts remain bullish about SHIB’s performance.

For instance, TSLA Tracker highlighted that Shiba Inu’s prevailing trajectory supports upside continuation to $0.00006937.

Such an uptrend would translate to a 136% gain from SHIB’s current prices.

The indicators displayed mixed signals for Shiba Inu. The daily Relative Strength Index at 67 suggests that the asset is about to become overbought.

That suggests potential retracements in the upcoming sessions.

Meanwhile, the Moving Average Convergence Divergence supports bullish actions, with the MACD line above the signal line.

Furthermore, SHIB’s 24-hour trading volume has plummeted by 56% to $2.70 billion, signaling waning interest from traders.

Shiba Inu will likely correct after its massive upswings to 8-month highs. Nevertheless, broad market sentiments remain vital in the token’s trajectory.

Cryptocurrencies exhibit significant bullishness as analysts predict an imminent altcoin season.

That suggests that any declines could be short-lived, positioning SHIB for rapid rebounds upon price dips.

Also, the increasing user base would be crucial in offsetting bearish tendencies and supporting stable long-term price actions.

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