For most of November 2023, Shiba Inu struggled to steal the limelight from Dogecoin. However, recent on-chain data trends are painting a different picture. The data suggests that investors are injecting fresh capital into SHIB markets.
This week, SHIB witnessed an unexpected surge in transactions from new investors, hitting a four-month peak of 40% on December 4, as reported by on-chain data analytics platform IntoTheBlock.
Notably, the latest reading of 34.44% remains well above the 30-day average of 23.41%, indicating a sustained influx of new participants into the Shiba Inu ecosystem.
New investors flock in on Shiba Inu
The “New Adoption Rate” metric, measuring the percentage of total active addresses conducting their first transaction on a given day, serves as a crucial indicator of the rate at which fresh capital is flowing into SHIB markets. As this metric climbs during a price rally, it signals a significant influx of new investors experiencing FOMO.
If this trend holds, Shiba Inu holders may anticipate a substantial surge in the coming days, fueled by the entrance of new market participants.
Also read: Why is Bitcoin (BTC) Rising Today? Explained
Shiba Inu has exhibited a decent run in the last 30 days. The coin is up 24.9% during this period and 21% in the last seven days.
SHIB has reclaimed the $0.00001 territory and is up 12.1% in the last 24 hours. However, a cautious note remains on the downside, with bears potentially challenging this prediction if Shiba Inu’s price retraces below the $0.00007 mark.
The surge in new user transactions and the technical indicators point towards a potential breakout, challenging its past overshadowed status.