Shiba Inu crosses a new threshold in the crypto ecosystem. SHIB is now associated with approximately 1.84 million addresses on Ethereum and Shibarium, according to a ShibWallet capture shared by long-time community member Mazrael. Ethereum alone has around 1.689 million holding addresses. This total broadens the measure of SHIB adoption, although it does not equate to 1.84 million different people.
In brief
- Shiba Inu reaches around 1.84 million cumulative addresses on Ethereum and Shibarium.
- Ethereum represents nearly 1.689 million addresses holding SHIB.
- The number of addresses is increasing while Shibarium’s activity still remains irregular.
Shiba Inu expands its presence on two networks
Ethereum remains Shiba Inu’s primary network. Etherscan counts approximately 1.689 million addresses holding SHIB, but this figure does not take into account the holders present on Shibarium. Mazrael therefore believes that looking at Ethereum alone now underestimates the real footprint of the project.
This reading comes as Shibarium has recently regained some activity after several difficult weeks. In June, daily transactions doubled in four days, from 1,300 to 2,600.
The ShibWallet capture published on September 12 brings the Ethereum + Shibarium total to 1.84 million addresses. There are also 98,600 addresses for BONE, 53,800 for LEASH and 4,700 for TREAT on the two networks.
SHIB therefore remains by far the main crypto asset in the Shiba Inu ecosystem. The significant change is above all geographical, in the blockchain sense of the term. Shiba Inu is no longer just an ERC-20 token living on Ethereum. Since 2023, Shibarium has provided a second infrastructure for transfers, applications and other tokens of the project. This mechanically gives more places where an address can hold SHIB.
1.84 million crypto addresses does not mean that many investors
However, the figure deserves caution. A crypto address is not a person. The same user can control several wallets. It can also hold SHIB on Ethereum and Shibarium and appear twice in a cumulative total.
Exchanges further complicate the calculation. A single address can hold tokens for thousands of clients.
It would therefore be incorrect to write that Shiba Inu has 1.84 million unique investors. This nuance matters all the more as Shibarium’s on-chain activity has already given contradictory signals. In March, there was a 300% increase in transactions on Shibarium, but with many operations having no apparent economic value.
More recently, the network has recorded a new movement.
Daily Transactions rose from 786 on September 6 to 1,750 on September 8, an increase of 122%. But the ShibariumScan explorer was then being reindexed. U.Today warned that the statistics displayed may temporarily not accurately reflect actual activity.
In other words, the number of addresses constitutes an interesting indicator for measuring the expansion of the crypto ecosystem. It is not enough to judge its use. You also need to look at transactions, volumes, value transferred and application activity.
SHIB remains under pressure despite the expansion of its crypto ecosystem
The increase in the number of addresses is not yet clearly reflected in the price. Shiba Inu fell for four straight sessions before rebounding from around $0.000005 on Friday. On Saturday, SHIB rose to $0.00000539, close to the previous day’s high of $0.00000540.
The token therefore remains far from its old levels. This is a frequent contrast in the crypto market: a blockchain can add wallets and functionalities without this growth immediately translating into an increase in price. Some new addresses only contain small amounts. Others remain inactive.
Shibarium is trying to go beyond the simple number of wallets.
The network is working in particular on new features intended to strengthen its usefulness. You can take a look at Shibarium’s privacy roadmap for 2026, which includes better protected transactions and smart contracts. For Shiba Inu, the milestone of 1.84 million addresses therefore remains a real, but partial, milestone. The project’s crypto base is expanding between Ethereum and Shibarium. Now, the challenge will be to transform these addresses into sustainable activity: more useful transactions, more applications used and a regular presence on layer 2. The number of wallets is increasing. It remains to be seen how many actually use them.
Maximize your Tremplin.io experience with our ‘Read to Earn’ program! For every article you read, earn points and access exclusive rewards. Sign up now and start earning benefits.
