Shiba Inu (SHIB), a dog-themed cryptocurrency, has recently made headlines with significant growth in the second quarter of the year, as indicated by the daily number of new addresses according to the blockchain analytics platform, IntoTheBlock.
This development implies a surge in market interest for Shiba Inu, despite its challenges during the same period, the report suggested.
Substantial Growth Amid Challenges
Shiba Inu’s performance in the second quarter might initially seem contradictory. While the meme coin faced several adversities, on-chain data hints at a noticeable resurgence of interest in the market. This dichotomy becomes clear in IntoTheBlock’s recent quarterly report, which showed SHIB experiencing a significant increase in daily new addresses during Q2.
Quarterly Update: #SHIB had a strong ending to Q2, with new addresses showing positive signs of growth. Daily new addresses reached over 4k on June 27th, up 357% from it 877 quarterly low on May 21st. pic.twitter.com/jbhlR8OUvl
— IntoTheBlock (@intotheblock) July 3, 2023
The data points towards more than 4,000 new addresses recorded for SHIB on June 27, a landmark achievement for the digital asset. The number signifies roughly a 357% increase from the quarterly low of 877 new addresses seen on May 21.
This sharp rise suggests an expansion in the Shiba Inu user base and heightened engagement from traders and investors in the Shiba Inu ecosystem.
Peak In Daily Active Addresses
Alongside an influx of new addresses, Q2 also saw a notable surge in daily active addresses for Shiba Inu. Data analytics provider Santiment revealed an escalation of 24-hour active addresses for SHIB.
On June 11, the figure surged to a high of 42,822. This is the most substantial daily active address count the digital asset has seen in over a year. It is worth noting that these substantial increases in new and active addresses suggest a growing interest and belief in SHIB among crypto enthusiasts.
Meanwhile, the SHIB token price has increased in the past few days, with the meme coin breaking multiple resistance levels. SHIB is trading at $0.00000772, up 2.3% over the past two weeks. The token currently has a market capitalization of $4.5 billion, making it the 16th largest cryptocurrency by market cap.
SHIB’s daily trading volume has ranged in the past 7 days. Shiba Inu volume has ranged from as low as $106 million last Monday to $102 million in the past 24 hours.
The rise in the price of the SHIB token can be linked to the prevailing optimistic outlook in the cryptocurrency market. As Bitcoin, the top-ranking cryptocurrency in market capitalization, has been on a bullish trajectory, recently surpassing $31,000, it has created a favorable effect on the value of other digital currencies with SHIB included.
Featured image from Shutterstock, Chart from TradingView