According to on-chain data, the number of new addresses on the Shiba Inu network has increased, indicating potential increased demand for the token. However, long-term holders of SHIB have experienced losses due to the token's underwhelming performance. Despite this, Ethereum whales continue to hold onto their SHIB holdings and trade the token, suggesting that it may still be a valuable asset in the long term. While active addresses have improved, the weighted sentiment towards SHIB remains negative.