Shiba Inu And Dogecoin Have Increased Network Activity By 30%
Santiment, a crypto analytics company, reports a steady increase in the daily network activity of Shiba Inu and DOGE. Indicators for both coins have therefore already reached seven-week highs, and in the past 10 days, the number of active addresses for both Shiba Inu and Dogecoin has increased by more than 30%.
For Dogecoin and Shiba Inu, respectively, there were 123,110 and 3,975 active addresses at the beginning of the month. Additionally, the indicator’s value had barely changed during the previous two weeks when, on June 14, the first intra-month surge occurred, with the values being 137,150 and 5,222 active addresses, respectively. After that, there was a decline, and the old record was finally replaced in the closing days of June.
It’s intriguing that Shiba Inu and Dogecoin updated their highs on separate but nearby dates. Therefore, on June 27, there were 138,680 active DOGE addresses, which was a record high. The next day, June 28, SHIB achieved its peak with a total of 6,759 active addresses.
Positive attitude in a market that is down – Shiba Inu and Dogecoin
At its height, DOGE had 12.5 percent more active addresses than it did at the beginning of the month, while SHIB had 68.2 percent more active addresses. It’s also important to note that both projects’ prices had a significant surge prior to the resumption of their network activity highs, which decreased during the peak of activity.
Given that many other well-known projects, on the other hand, are seeing a fall in activity, it is difficult to pinpoint exactly what led to the development of active Shiba Inu and Dogecoin addresses. It might be because retailers and payment systems generally accept DOGE and SHIB as forms of payment or maybe the intensive work of the projects’ teams on new solutions, like Shibarium or Dogechain.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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