Shiba Inu (INU) price had an underwhelming performance in May 2023. On-chain data shows that SHIB has been attracting new demand in recent weeks. Could this translate into significant price gains for SHIB?
Investors are again switching attention to Shiba Inu (SHIB) in recent weeks. This is a positive development after SHIB lost significant market share to newly-emerged memecoins like PEPE and DOGELON Mars in early May.
The recent Shiba Inu cold wallet launch appears to have rejuvenated the SHIB network growth. How could this impact the price in the coming days?
Shiba Inu is Attracting New Users
In the build-up to the cold wallet launch on May 29, Shiba Inu witnessed a spike in Network Growth. Nearly a week later, the SHIB network is still attracting new users.
On May 26, Shiba Inu Network Growth spiked to 2,538 new addresses. And since then, it has maintained an average of 1,500 new addresses created daily.
This…
