Cryptocurrency: Shiba Inu's addresses on ETH and Shibarium exceed 1.8 million

Shiba Inu crosses a new threshold in the crypto ecosystem

According to ShibWallet snapshot data shared by long-time community member Mazrael, the total number of addresses currently associated by SHIB on the Ethereum and Shibarium networks is approximately 1.84 million. Among them, the Ethereum network alone collects approximately 1.689 million holder addresses. Although this number is not exactly equivalent to 1.84 million unique individual users, it further broadens the measure of the scope of SHIB adoption.

Summary of Core Points

• Shiba Inu's cumulative number of addresses on Ethereum and Shibarium has reached approximately 1.84 million.
• The Ethereum network accounts for nearly 1.689 million addresses holding SHIBs.
• As Shibarium activity fluctuates irregularly, the number of addresses is still growing.

Shiba Inu's presence extension on two major networks

Ethereum remains Shiba Inu's main network. According to Etherscan statistics, there are approximately 1.689 million addresses holding SHIB, but this does not include holders on the Shibarium network. Therefore, Mazrael believes that focusing solely on Ethereum data would underestimate the actual impact of the project.

This analysis comes as Shibarium regains some of its vitality after weeks of downturn. In June this year, its daily trading volume doubled in four days, rising from 1,300 to 2,600. The ShibWallet snapshot released on September 12 pushed the total number of addresses for Ethereum and Shibarium to 1.84 million. In addition, on these two networks, the number of addresses for BONE, LEASH and TREAT are 98,600, 53,800 and 4,700 respectively.

It can be seen that SHIB is still the dominant crypto asset in the Shiba Inu ecosystem. The main changes are reflected in the geographical distribution at the blockchain level: Since 2023, Shibarium has provided a second layer of infrastructure for transfers, applications and other project tokens. This mechanically creates more address spaces where SHIBs can be held, making Shiba Inu no longer just an ERC-20 token that exists on Ethereum.

1.84 million encrypted addresses does not equal the same number of investors

However, caution needs to be exercised with this data. An encrypted address is not the same as a person. The same user may control multiple wallets and may hold SHIBs on both Ethereum and Shibarium at the same time, thus being counted twice in consolidated statistics. The existence of exchanges further complicates this calculation, as a single address may represent the token positions held by thousands of customers.

Therefore, it is inaccurate to assert that Shiba Inu has 1.84 million unique investors. This nuance is particularly important because Shibarium's chain activities have previously sent conflicting signals. For example, trading volume at Shibarium surged 300% in March, but many of those operations lacked significant economic value. Recently, the network has experienced fluctuations again: daily transaction volume increased from 786 on September 6 to 1,750 on September 8, an increase of 122%. However, since the ShibariumScan browser was being re-indexed at the time, relevant statistics may not accurately reflect the real activity for the time being.

In other words, the number of addresses is an interesting indicator of the growth of the crypto ecosystem, but not enough to judge its use alone. A comprehensive evaluation must be conducted based on transaction volume, transaction volume, transfer value and application activity.

SHIB is still under pressure despite ecosystem expansion

The increase in the number of addresses has not yet been clearly reflected in price. Shiba Inu fell back for four consecutive trading days before rebounding from about $0.00005 on Friday. On Saturday, the SHIB rebounded to US$0.0000539, close to the previous day's high of US$0.0000540. Despite this, the coin's price is still well below its historical high.

This is a common phenomenon in the crypto market: blockchain can increase the number and functionality of wallets, but this growth does not immediately translate into price increases. Some of the new addresses hold only a small number of tokens, while others are idle.

Shibarium is trying to move beyond mere wallet number competition. The network is developing new features designed to increase its usefulness, such as its 2026 Privacy Roadmap, which includes better protected transactions and smart contracts. For Shiba Inu, the milestone of 1.84 million addresses, although real, is only a partial achievement. The foundation of the project is expanding between Ethereum and Shibarium. The next challenge is to translate these addresses into ongoing activity: more useful transactions, more frequent application usage, and a regular presence on the second-layer network. The number of wallets is indeed increasing, but the proportion of truly active use remains to be seen.