Wallet addresses holding Shiba Inu have attained a new milestone despite the falling price of the canine-themed token, indicating elevated investor interest in SHIB.
Regardless of the bearish crypto market, several investors and traders have remained optimistic about the future of Shiba Inu (SHIB). This is evident in the crypto asset’s growing social dominance and the increasing number of wallet addresses holding SHIB.
Notably, the latest data on the leading market intelligence platform IntoTheBlock shows an impressive adoption of Shiba Inu. A close look at the analytics platform showed that non-zero SHIB addresses, which have been rising since April 2021, recently reached an all-time high threshold.
IntoTheBlock revealed that non-zero SHIB addresses eclipsed the 1.25 million mark on September 4. This indicates that more investors have been taking advantage of SHIB’s prolonged price downturn to accumulate the token.
Shiba Inu Adoption Grows
Aside from the increasing number of non-zero SHIB addresses, several projects have recently adopted SHIB as a payment method. One such company is Arculus, a web3-enabled cold storage wallet.
The project developed by a Nasdaq-listed company CampoSecure now accepts Shiba Inu as payment for the Arculus card, following its partnership with BitPay. The partnership was announced on August 30.
It bears mentioning that the increasing adoption of Shiba Inu and steady accumulation of the canine-themed token is largely attributed to the many positive developments in the Shiba Inu ecosystem. Notable among these bullish advancements was the launch of Shiba Inu’s layer-2 scaling solution dubbed Shibarium and massive SHIB burn executed within a week.
The L2 network, which is a fork of Polygon, has been designed to reduce transaction costs and make transactions on the Shiba Inu more effective. In less than one month of launch, Shibarium has seen over 1.1 million wallet addresses connected to the network with millions of transactions executed successfully.