The weekend was quite monotonous in terms of price action in the crypto market. With Bitcoin horizontally trading below $30,000, most other asset prices have also remained stagnated. Shiba Inu was not an exception to the ongoing trend. With a negligible movement of 0.5% over the past day, SHIB was seen exchanging hands around $0.000007835 during the Asian trading hours on Monday, July 24. Despite the humdrum price landscape, the Shiba Inu on-chain ecosystem has been quite lively. In this article, we will be delving into the same.
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Shiba Inu holders show resilience
Shiba Inu’s new adoption rate has been on the rise lately. Owing to its latest rallies, this metric is well above 58%. In fact, at press time, it was at its highest level since 2020. This means newcomers are in-lead and are actively participating in the market now.
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Parallelly, it is interesting to note that the SHIB address birth-death ratio continues to remain positive. This indicator compares the new addresses with the ones that have been inactive for over a year. The 30-day average of this metric was hovering around 0.3 at press time. Even though the ratio has subsided of late, it is still higher than its Q2 lows. The current positive reading brings to light the gradual growth of SHIB’s user base.
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In fact, the average duration for which participants hold SHIB has also been inclining. Over the past 30 days, its reading has risen by around 75.28%. Currently, this metric is well above its 2023 average. Ergo, holders seem to be more patient, while new participants are in command at the moment. Thus, when the price of the asset initiates a trend change, it will have an organic base pre-set, that could foster recovery.
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