By
Svetlana Soroka
April 29th, 2024
SHIB now has 4 million addresses, a new milestone for the popular dog-themed cryptocurrency and the crypto sector’s first major meme coin.
Popular meme coin Shiba Inu (SHIB) has hit a new record for total addresses, according to data from crypto market intelligence platform IntoTheBlock. The data shows that the total number of SHIB addresses is now 4 million. The milestone indicates increased interest in the memecoin, showing a potential rise in adoption and use cases in the crypto sector.
SHIB Total Count Includes Empty Wallets
The total number of addresses in this case is an all-time count that includes all addresses ever created. This means that the count includes addresses that currently have SHIB, as well as empty wallets.
The count for SHIB addresses with a balance climbed to 1.3 million, according to IntoTheBlock. The SHIB activity is likely bullish because it shows increased participation. This could also lead to an expansion of new cases as merchants, businesses, and corporates may consider SHIB support as interest rises.
Shiba Inu also seems deliberate about its attempt to maintain healthy price action and general value. Data from Shiba Inu burn tracker ShibBurn shows that the ecosystem recently burnt a staggering 135,451,536 tokens in 24 hours, a burn rate of more than 1,344%. The tokens, worth $3,868.5 were burned in 12 transactions. According to current ShibBurn data, the burn rate has fallen by nearly 100%, with 6.5 million tokens burned yesterday.
On Monday, a whale account moved 692 billion SHIB, worth more than $19 million, from a Crypto.com wallet. Unconfirmed reports suggest that the recipient address is crypto trust and security firm BitGo, with connections to Crypto.com. This is because in the three days before the whale transaction, the receiving wallet received more than 200 transfers, all from Crypto.com.
As of this writing, SHIB is trading at $0.00002747 after rising 1.6% in 7 days. However, the 12th largest token by market cap has fallen more than 3% in the past 24 hours.
SHIB Bullishness vs Competition from ‘Culture Coins’
The bullishness in the Shiba Inu community is also seen in LucieSHIB, a member of the SHIB team. The marketing specialist noted last month that she believes SHIB will hit $0.01, lending credence to the popular “1 cent dream”.
Unfortunately, SHIB and other popular meme coins may have to brace up for competition. Mechanism Capital co-founder Andrew Kang recently posted about a new class of “culture coins” with strong communities. Kang begins by explaining that Dogecoin (DOGE) was the first big meme coin, designed from a popular internet meme. DOGE then gave rise to several other meme coins that used animal mascots.
According to Kang, the new wave of meme coins, or culture coins, are powered by “real world communities that have shared values, identities, lifestyles, [and] political views”. The Mechanism Capital exec believes these coins have a “specific advantage”. This is because their communities strengthen when constituents agree on shared beliefs. He used Joe Boden ($BODEN) and MAGA ($TRUMP) as examples of meme coins with strong communities exchanging shared beliefs, in this case, “anti-woke, anti-Biden, and right wing views”.