Crypto: Shiba Inu surpasses 1.8 million addresses on ETH and Shibarium

Shiba Inu crosses a new threshold in the crypto ecosystem. SHIB is now associated with around 1.84 million addresses on Ethereum and Shibarium, according to a ShibWallet snapshot shared by Mazrael, a long-standing community member. Ethereum alone concentrates about 1.689 million holder addresses. This total broadens the measure of SHIB adoption, even if it does not correspond to 1.84 million different people.

Shiba Inu expands its presence on two networks

Ethereum remains Shiba Inu’s main network. Etherscan counts about 1.689 million addresses holding SHIB, but this figure does not include holders on Shibarium. Mazrael therefore believes that looking at Ethereum alone now underestimates the project’s real footprint.

This analysis comes as Shibarium recently regained some activity after several difficult weeks. In June, daily transactions had doubled in four days, rising from 1,300 to 2,600.

The ShibWallet snapshot 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 across the two networks.

SHIB thus remains by far the main crypto asset of the Shiba Inu ecosystem. The significant change is mainly geographic, in the blockchain sense. Shiba Inu is no longer just an ERC-20 token living on Ethereum. Since 2023, Shibarium provides a second infrastructure for transfers, applications, and other project tokens. This mechanically creates more places where an address can hold SHIB.

1.84 million crypto addresses does not mean as many investors

However, this number requires caution. A crypto address is not a person. The same user can control multiple wallets. They can also hold SHIB both on Ethereum and Shibarium and thus appear twice in a combined total.

Exchanges complicate the calculation further. A single address can hold tokens for thousands of clients.

Therefore, it would be incorrect to say that Shiba Inu has 1.84 million unique investors. This nuance matters even more because 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 without apparent economic value.

More recently, the network recorded a new movement.

Daily transactions went from 786 on September 6 to 1,750 on September 8, a 122% increase. But the ShibariumScan explorer was then reindexing. U.Today warned that the displayed statistics might temporarily not accurately reflect real activity.

In other words, the number of addresses is an interesting indicator to measure the growth of the crypto ecosystem. It is not enough to judge its usage. One must also look at transactions, volumes, transferred value, and app activity.

SHIB remains under pressure despite the expansion of its crypto ecosystem

The increase in the number of addresses has not yet clearly reflected in the price. Shiba Inu retreated for four consecutive sessions before bouncing back Friday from around $0.000005. On Saturday, SHIB climbed back up to $0.00000539, close to the previous day’s high of $0.00000540.

The token thus remains far from its former levels. This is a common contrast on the crypto market: a blockchain can add wallets and features without this growth immediately translating into a price increase. Some new addresses hold only small amounts. Others remain inactive.

Shibarium is precisely trying to go beyond the simple number of wallets.

The network is notably working on new features aimed at increasing its utility. 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 remains real but partial. The project’s crypto base is expanding between Ethereum and Shibarium. Now, the challenge will be to turn those addresses into sustained activity: more useful transactions, more applications used, and regular presence on layer 2. The number of wallets increases. It remains to be seen how many really use them.