On-chain data shows contradicting behavior between existing SHIB investors and newcomers. Data from the crypto analytical platform, Glassnode, shows a recent surge in new SHIB addresses. However, the price of the leading meme coin has remained stagnant over the same period. A renowned market watcher, Ali Martinez, observed the surge, particularly the spike on May 26, when 2,538 new SHIB addresses joined the network in a single day.