On-chain data from IntoTheBlock shows an uptick in the Shiba Inu adoption rate, suggesting a growth in the number of new investors joining the SHIB ecosystem.
Shiba Inu’s low price has continued to present opportunities for new crypto investors to acquire the token at discounted rates. This is reflected in the surge of new users joining the Shiba Inu ecosystem in recent times.
Shiba Inu Adoption Rate Spikes
Interestingly, Shiba Inu’s adoption rate increased by 39.27% on February 17, according to data from IntoTheBlock.
For context, IntoTheBlock determines a token’s adoption rate by calculating the percentage of newly created addresses performing their first transactions out of all active daily addresses.
The metric also sheds light on the growth of a particular network in terms of the number of new users joining its ecosystem.
While a higher percentage indicates that the network is expanding, a lower figure implies that the network is attaining maturity with a more stable user base.
With Shiba Inu’s adoption rate reaching 39.27% on February 17, two out of every five active SHIB addresses were new users.
Per the data, Shiba Inu’s adoption rate started seeing growth on February 11. At the time, the metric showed an increase of 32%. Since then, Shiba Inu’s adoption rate has experienced steady growth until February 17, when it reached 39.27%.
Factors Fueling Shiba Inu’s Adoption Rate
One major factor contributing to the uptick is Shiba Inu’s potential to turn average investors into millionaires. This was seen in the last bull market when Shiba Inu rallied tremendously to an all-time high of $0.00008845 in 2021.
With several analysts expecting Shiba Inu to achieve the same feat in the upcoming bull market, new investors are capitalizing on the asset’s low price to position themselves ahead of an imminent rally.
Another factor bolstering Shiba Inu’s adoption rate is its L2 scaling solution, Shibarium. Following its mainnet launch last August, Shibarium has attracted more users into the Shiba Inu ecosystem due to its low fees and faster processing time.
The L2 network achieved a jaw-dropping feat this month, doubling its user accounts to 63,000 in less than three months. At press time, Shibarium’s cumulative account is now around 64,217.
Beyond its user accounts, Shibarium now boasts over 357.88 million total transactions, more than 1.35 million addresses, and 3.25 million total blocks.
Meanwhile, Shiba Inu trades for $0.00000980, marking a decrease of 0.1% in the past 24 hours. So far, the token has recorded a 5.1% surge in the past week and a 9.1% rise in the 14-day chart.