Shiba Inu (SHIB), the dog-themed cryptocurrency, recently made headlines with significant growth in the second quarter of the year, according to blockchain analysis platform IntoTheBlock's daily count of new addresses.
This development indicates an increase in market interest for Shiba Inu despite the challenges faced during the same period, as stated in the report.
Significant Growth Amid Challenges
The performance of Shiba Inu in the second quarter may initially seem contradictory. While the meme coin faced several adversities, on-chain data suggests a noticeable revival of market interest. This dichotomy is evident in IntoTheBlock's latest quarterly report, which shows a significant increase in daily new addresses for SHIB in the second quarter.
The data indicates that on June 27, over 4,000 new addresses were registered for SHIB, a milestone for the digital asset. This number represents an increase of approximately 357% compared to the quarterly low of 877 new addresses on May 21.
This strong surge suggests an expansion of the Shiba Inu user base and increased engagement from traders and investors in the Shiba Inu ecosystem.
Record High in Daily Active Addresses
In addition to an influx of new addresses, there was also a notable increase in daily active addresses for Shiba Inu in the second quarter. Data analytics provider Santiment reported a surge in 24-hour active addresses for SHIB.
On June 11, the number reached a record high of 42,822. This is the largest daily number of active addresses the digital asset has seen in over a year. It is worth noting that this significant increase in new and active addresses points to a growing interest and belief in SHIB among cryptocurrency enthusiasts.
Meanwhile, the SHIB token price has seen recent gains, breaking through several resistance levels. SHIB is currently trading at $0.00000772, representing a 2.3% increase in the past two weeks. The token currently has a market capitalization of $4.5 billion, making it the 16th largest cryptocurrency by market capitalization.
The daily trading volume of SHIB has fluctuated in the past 7 days, ranging from just $106 million last Monday to $102 million in the past 24 hours.
The price increase of the SHIB token can be attributed to the prevailing optimistic outlook in the cryptocurrency market. As Bitcoin, the cryptocurrency with the highest market capitalization, is on an upward trend and recently surpassed the $31,000 mark, this has had a positive effect on the value of other digital currencies, including SHIB.
Selected image from Shutterstock, chart from TradingView.
