Over the past week, meme coins have seen a massive surge in their value. Although a lot of attention is put on newcomers like Dogwifhat (WIF), the market’s mainstays have enjoyed just as much success. Indeed, Shiba Inu (SHIB) adoption was up 2,000% in March, as many investors are pondering if an all-time high is close for the token.
Digital asset data platform IntoTheBlock noted that the SHIB ecosystem has brought in more than 8,400 new daily addresses this month alone. Moreover, that 20x increase from March has incited massive optimism surrounding the asset. Yet, could it be enough to ascend it past its $0.00008 all-time high?
SHIB Enjoys Adoption Surge as Traders Brace for Unprecedented Heights
Throughout the last several weeks, the digital asset market has been booming. The industry has seemingly made good on the lofty expectations placed on it at the start of the year. Led by Bitcoin’s (BTC) rally toward an all-time high, other tokens have benefited from the positive sentiment that is abounding in the cryptocurrency sector.
One subsect of that industry that has found renewed excitement is meme coins. Although relative newcomers like WIF and PEPE have gotten the brunt of attention, some of the market’s top performers have continued to impress. Among them is Shiba Inu (SHIB), which saw adoption increase by 2,000% in March as traders started to discuss a potential all-time high ascension for the asset.
The new addresses peaked on March 5th, when a remarkable 21,000 addresses were added. Moreover, that has transcended into value increases for SHIB. Specifically, over the last seven days, the token has increased 162%. Ultimately, many investors are wondering if this rally could carry it beyond the coveted $0.00008 mark.
According to CoinGecko, that figure represents an all-time high for the meme coin. Currently, the asset is enjoying a plethora of bullish momentum. Indeed, the market’s sentiment and the influx of new addresses could set the stage for an unprecedented rally.
Crypto analyst Ali Martinez is one voice who has echoed this possibility. Specifically, he states that “SHIB could climb to $0.010 or potentially even reach $0.011!” That lofty prediction is based on the TD Sequential Indicator, which has proven successful in SHIB predictions. Altogether, the asset could join Bitcoin in the importance 2024 is having on its growth.
