Shiba Inu’s (SHIB) Shibarium layer-2 network is witnessing a surge in new accounts. As per the data on Shibariumscan, active Shibarium accounts surged by 55.35%. Moreover, new accounts have surged by around 222%, with as many as 116 new accounts created daily. This has brought the total number of new accounts on Shibarium to a whopping 26,920.
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Furthermore, the total number of addresses has surged beyond 1.25 million, while the total number of transactions on the network has exceeded 3.04 million. However, despite the increasing number of people on Shibarium, Shiba Inu’s (SHIB) price has continued to suffer throughout 2023. Since reaching a yearly peak in February, SHIB’s price has fallen by around 53%. Meanwhile, Bitcoin (BTC) has risen by around 60%, and Solana (SOL) has grown by nearly 120%.
Will Shiba Inu recover its losses?
According to CryptoQuant, investors have moved close to 1 trillion SHIB tokens to exchanges. This has significantly increased the selling pressure on investors. The value of 1 trillion SHIB at current rates is about $6.88 million.
Moreover, according to IntoTheBlock, large transactions for SHIB have dropped by 1.65%, which could be read as a bearish development. The platform also notes that the number of SHIB holders in profit has decreased significantly. Currently, 91% of SHIB holders are at a loss, while 8% are in profit. 1% of holders, on the other hand, are even. IntoTheBlock also notes that network growth for Shiba Inu (SHIB) has gone down by 0.21%. Yesterday, however, large transactions had surged. But now the metric has cooled off again.
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The above-mentioned metrics do not paint a positive picture of the popular dog-themed crypto. If things continue the way they are going, SHIB’s price could see another plummet. Although many were hopeful that the Shibarium launch would help boost the asset’s price, things did not go their way.