Shiba Inu New Adoption Rate Collapses to 2-Year Low: What’s Happening?

Recent analysis suggests that Shiba Inu’s new adoption has regressed with its prices, hitting a multi-year low on Monday.

Shiba Inu’s struggles have gone beyond its price underperformance; the prominent meme coin’s new adoption rate has also dropped below its yearly threshold. The latest regression comes despite recent bullish developments from the ecosystem’s collaboration with the UAE government.

Data from IntoTheBlock shows this lackluster adoption among new addresses in the Shiba Inu ecosystem. On Monday, the metric dropped sharply to a multi-year low of 12.73%, raising further concerns among enthusiasts.

Dwindling New User Adoption

For context, the new adoption rate metric tracks the percentage of transactions on an underlying network initiated by new addresses. The indicator shows the quota of contribution new wallets make to the daily activities on a blockchain.

Shiba Inu New Adoption Rate | IntoTheBlock

As a result, the recent drop suggests a lack of interest among new users in interacting with the ecosystem. Notably, IntoTheBlock’s data highlighted that this metric has hovered between 27% and 48% since January 2025, averaging around 33% this year before the sharp decline yesterday.

Additionally, the Shiba Inu ecosystem has not seen such low new adoption in almost two years. Data shows that the last time the rate dropped to such lows was in March 2023, when it nosedived to 5.20%.

New Adoption’s Correlation with Prices

Meanwhile, historical analysis indicates a loose correlation between Shiba Inu’s price and the new adoption indicator. However, in a good number of cases, a regressing adoption almost always results in a corresponding price decline.

For perspective, Shiba Inu’s sensational surge to its all-time high of $0.00008853 in October 2021 trailed a rise in new address interaction with its ecosystem. The metric started its slow-paced rally in July 2021, peaking at 58.26% a month after the price top.

Nonetheless, there have also been a few cases in which the new adoption ratio surged while the price did not, and vice versa. These mixed reactions suggest that prices may or may not trend southwards amid yesterday’s sharp decline.

Spike in Number of Transactions Passes Mixed Feelings

Meanwhile, events in the Shiba Inu ecosystem took a paradoxical turn, with a rare spike in the number of daily transactions. For context, this metric has steadied below 12,000 transactions since early December and has been at 8,000 since the beginning of February.

However, the number of transactions processed on the chain surged 172% from its 7-day low of 5,250 txs on February 16 to 14,250 txs yesterday. This spike correlated with the dump in the new adoption rate, raising mixed sentiments around the ecosystem.

Shiba Inu Number of Transactions | IntoTheBlock

Nonetheless, Shiba Inu has continued its downward spiral today and is on course for its fourth consecutive daily correction. At the time of writing, SHIB trades at $0.00001531, down 3% in the past 24 hours.

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