TLDR
- Shiba Inu hit a major milestone with network activity surge in early December
- Over 7,600 new wallets created during peak activity period
- Peak transaction volume reached $857M before falling to $176.94M
- Network metrics show sudden drop after initial surge
- Technical indicators show RSI at 66.44 with golden cross formation
Early December 2024 brought unexpected developments in the Shiba Inu ecosystem as network metrics pointed to substantial changes in user activity and transaction patterns, followed by an equally swift decline.
Market data shows that Shiba Inu’s network experienced an unprecedented surge in new wallet creation, with over 7,600 addresses joining the network during the peak period. This surge represents one of the most intense periods of network expansion in the token’s recent history.
The spike in network activity coincided with increased daily user engagement, as active addresses climbed above 18,000. This metric suggests that both newcomers and existing users contributed to the heightened network activity during this period.
Transaction metrics reveal a compelling story of market movement, with volume peaking at $857 million during the height of activity. This figure later retreated to $176.94 million, marking a substantial reduction in trading intensity across the network.
Technical analysis during this period shows SHIB testing price levels around $0.00002937, accompanied by the formation of a golden cross pattern on the charts. This technical indicator emerged as the 50-day moving average crossed above the 200-day moving average.
Market momentum indicators, specifically the Relative Strength Index (RSI), reached 66.44 during the surge. This reading suggests strong buying pressure while staying below the traditional overbought threshold of 70, indicating room for potential further movement.
The data reveals an interesting pattern in user behavior, as the initial wave of new wallet creations occurred within a compressed timeframe rather than through gradual accumulation. This burst of activity often suggests coordinated market interest or response to specific catalysts.
Trading patterns during this period demonstrate a clear correlation between volume and price action. The synchronization of these metrics suggests organic market movement rather than isolated trading activity.
Analysis of daily active addresses shows that the peak of 18,000 users represents a notable departure from average activity levels. Historical data indicates that such spikes in user engagement often precede periods of enhanced market volatility.
The decline phase following the initial surge provides equally important insights. Network growth charts show a sharp downturn in new address creation, suggesting a cooling of market interest following the initial excitement.
Price support levels emerged around $0.000029, establishing a key threshold for market stability following the activity surge. This level has become a focal point for traders monitoring market structure.
The reduction in transaction volume from $857 million to $176.94 million represents a 79% decrease from peak activity. This dramatic decline indicates a rapid shift in market participation levels across the network.
Trading data reveals that during the peak period, both new and existing wallets showed increased activity levels, suggesting broad-based participation rather than concentrated trading by a small group of users.
Market metrics show that while the initial surge created new highs in several categories, the subsequent decline brought activity levels closer to historical averages. This pattern suggests a return to normal trading conditions rather than sustained elevated activity.
The most recent data indicates stabilization at lower levels, with daily active addresses and transaction volumes finding equilibrium at rates more consistent with pre-surge periods. New wallet creation has returned to typical daily averages, while transaction counts have normalized to standard levels.
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