Shiba Inu (SHIB) is becoming more and more popular among novice cryptocurrency investors. A new measure released by blockchain data analytics company IntoTheBlock reveals this development. An insight into the part of overall activity attributed to newcomers is provided by the indicator, which focuses on the percentage of new addresses performing their first transaction out of all active addresses on a given day.
This proportion for Shiba Inu recently increased from about 30% to about 65%, indicating a rise in interest from new investors in this coin. It is an interesting development for a token that first surfaced as a “meme coin,” based on the well-known Dogecoin but fast gaining its own significant following.
This unexpected increase in SHIB’s attraction to new investors may be related to its comeback as the undisputed “king of meme coins.” This moniker seems to have been taken back from PEPE coin, another well-known joke currency contender. Meme currencies, which sometimes began as jokes, have drawn a lot of interest in the cryptocurrency world, with tokens like Dogecoin and Shiba Inu collecting sizable market capitalization and devoted communities.
It is important to remember that the influx of new investors indicates a growing user base, which might lead to higher liquidity and stability in the trading of the coin. The success of the meme token may also indicate a larger acceptability of such currencies in the cryptocurrency market as a whole, indicating a change in investor mood and a possible trend for additional similar tokens to follow.
However, care is urged as always in the realm of cryptocurrencies. Meme coins, like Shiba Inu, are well known for their erratic behaviour. Particularly new investors should do their homework and consider the hazards associated with trading these digital assets.
