SHIB’s Price Gains After Daily Active Addresses Activity Spikes

  • The data showed that there was a spike in SHIB’s unique daily addresses.
  • The number of unique SHIB daily addresses reached a yearly high, causing SHIB’s price to rise.

Crypto trader Ali (@ali_charts) tweeted yesterday that the popular meme token Shiba Inu (SHIB) saw a large spike in daily active addresses recently. The tweet shared data from Santiment which showed that the spike in SHIB’s daily active addresses reached a yearly high.

Daily active addresses for SHIB
Daily active addresses for SHIB (Source: Santiment)

According to the data included in the tweet, SHIB has approximately 35,788 unique wallet addresses interacting on the network recently.

This spike in activity has had a positive impact on the price of the meme token according to CoinMarketCap. At press time, SHIB is up 4.51% in the last 24 hours. This has added to its positive weekly performance as well – taking the total gain over the last 7 days to around 6.84%. As a result, SHIB’s price currently stands at $0.00001126.

SHIB was also able to strengthen against the two biggest crypto in terms of market cap over the last 24 hours. Currently, SHIB is up 4.35% against Bitcoin (BTC) and 4.52% against the altcoin leader, Ethereum (ETH).

SHIB’s price attempted to break above the resistance level at around $0.00001121 twice over the last 48 hours. During both attempts SHIB’s price was able to break above the level successfully but failed to close the respective trading sessions above the level, as bears forced the altcoin’s token back down.

A bullish technical flag is about to trigger on SHIB’s daily chart as the 9-day EMA line is attempting to cross above the longer 20-day EMA line at press time. Should this happen, SHIB’s price will rise to $0.00001207 in the coming days.

Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.

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