Recently, the Shiba Inu exchange rate has shown an increase of almost 300%. According to Shibburn, which tracks the profitability of this memcoin, the increase in its value has brought optimism among market participants regarding the further movement of prices for the cryptocurrency.

However, after a rapid increase, the value of Shiba Inu has decreased by almost 8% over the past day, and the digital currency is currently trading at $0.000034.

According to data from IntoTheBlock, the daily increase in the number of new SHIB addresses has reached a level that is almost 20 times higher than the recent average.

Analysts note that from March 1 to March 7, more than 8.4 thousand addresses were opened daily on the Shiba Inu network, and the maximum influx of new users amounted to 21 thousand daily openings. This is almost 20 times more than the daily average since the beginning of 2024.

Recently, Bloomberg analyst and host of "What Did You Miss" Joe Weisenthal also expressed his thoughts on meme digital currencies, comparing their explosive growth with a more conservative securities market. He expressed confidence in the special attractiveness of such assets, pointing to their ability to generate huge revenues, which is quite rare in the case of traditional investments.

Weisenthal acknowledged that many meme crypto projects are actually fraudulent, but this indicates a serious interest of people in investing their funds in more traditional and practical ways.

Earlier, Joe Weisenthal noted the significant advantages of Shiba Inu over the meme cryptocurrency Dogecoin. He stressed that it is wrong to call SHIB a clone of DOGE, since the token has its own ecosystem with a decentralized trading platform, the ability to create NFTs and smart contracts