The second largest meme coin by market capitalization and global community, Shiba Inu (SHIB), has experienced mixed reactions with increased delays of the Shibarium layer two launches. Trading around $0.00000759 on Thursday, Shiba Inu’s price has declined approximately 46 percent since February this year. However, a new report by market intelligence platform, Santiment, Shiba Inu accounted for the highest transaction fees on Wednesday, thus reflecting a significant surge in the meme-coin activity.
Closer Look at Shiba Inu On-chain Activision
According to Santiment, the Shiba Inu ecosystem, which comprises several tokens like BONE and LEASH, has recorded significant network growth in the past month. Specifically, the number of new Shiba Inu addresses created in the past few weeks amounts to more than 2,500 per day.
Interestingly, the supply of Shiba Inu on exchanges has declined significantly YTD, hitting its lowest level since 2022. The decline in exchange supply is an indicator of rising demand from holders seeking self-custodial storage.
The $7.5 billion valued meme coin is likely at a crucial crossroads depending on the market perspective. On one hand, the increased on-chain activity could be signaling a sudden attention in meme coins that is often interpreted as an 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, the increased on-chain activity on Shiba Inu could be signaling an awakening interest that could result in a price rally in the coming weeks.
