The second largest meme coin by market cap and global community, Shiba Inu (SHIB), has experienced mixed reactions with further delays in Shibarium layer two releases. As of Thursday, the price of the Shiba Inu, which was trading around $0.00000759, is down about 46 percent since February of this year. However, a new report from market intelligence platform Santiment, Shiba Inu accounted for the highest transaction fees on Wednesday, reflecting a significant increase in meme coin activity.
A Closer Look At Shiba Inu On-chain Activision
According to Santiment, the Shiba Inu ecosystem, which comprises various tokens such as BONE and LEASH, saw significant network growth in the past month. Specifically, the number of new Shiba Inu addresses created in recent weeks amounts to more than 2,500 per day.
Interestingly, Shiba Inu supply on exchanges has declined significantly to date, reaching its lowest level since 2022. The decline in exchange supply is an indicator of increasing demand from holders seeking self-custody storage.
The $7.5 billion valued meme coin is likely to be at a crucial crossroads based on the market perspective. For one thing, increased on-chain activity could signal a sudden focus on meme coins that is often interpreted as the end of an era. Precisely, Santiment argued that the focus on SHIB could be interpreted as a sign of market saturation or possible future decline.
On the other hand, increased on-chain activity in Shiba Inu could be signaling a reawakening of interest that could result in a price rally in the coming weeks.
This post Shiba Inu Chain Activity on the Rise, What’s Next for SHIB Price?
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