Remember Doge? Well, move over – one other dog-themed cryptocurrency is barking its way back into the limelight. Shiba Inu (SHIB), the Dogecoin-inspired meme coin that took the net by storm in 2021, is experiencing a remarkable resurgence. But this comeback isn’t driven by mere hype – a surge in user activity suggests a deeper transformation for SHIB.

Related Reading: Is Dogecoin The Latest Millionaire Maker? Over 1,000 Addresses Hold Big Bags

Shina Inu Network Awakens From Slumber

After a period of relative quiet, SHIB’s network has come alive with a surge in daily energetic addresses. IntoTheBlock (ITB), a primary blockchain analytics firm, reported a near 2,000% increase in energetic addresses from February’s average to a peak of 21,000 on March fifth.

This dramatic uptick indicates a significant rise in user engagement, suggesting the Shiba Army – SHIB’s passionate community – is back in motion.

Shiba Inu kicks off March with a bang, attracting over 8.4k latest addresses daily & peaking at 21k latest daily addresses – nearly 20x February’s daily average. #ShibaInu #SHIBARMY pic.twitter.com/5hXvKfqfio

— IntoTheBlock (@intotheblock) March 7, 2024

Analysts remain divided on the precise reason behind this renewed interest. Some point to the recent price increase, while others speculate positive news surrounding the Shiba Inu ecosystem or simply a resurgence of the meme coin’s virality could also be at play.

Bitcoin is now trading at $68.403. Chart: TradingView

Shiba Inu Trading Heats Up Alongside User Activity

The rise in user activity isn’t happening in a vacuum. It’s accompanied by a significant increase in trading volume. SHIB reached a daily trading volume exceeding $16 billion on March fifth, propelling it into the very best 5 cryptocurrencies by volume for that day.

This substantial volume suggests a dynamic marketplace for SHIB, with a healthy mixture of searching for and selling activity. The frenzy surrounding SHIB isn’t nearly hodling (holding onto the cryptocurrency) – it’s about energetic participation and a possible return to the glory days of 2021.

Beyond The Frenzy: Signs Of Long-Term Growth

While the current surge in activity is impressive, the true test for SHIB lies in its ability to sustain this momentum. Looking beyond the immediate frenzy, some metrics hint at long-term potential. The variety of latest addresses, signifying fresh users joining the network, has jumped by nearly 60% previously week.

Featured image from Pixabay, chart from TradingView