{"id":415313,"date":"2023-07-04T17:00:01","date_gmt":"2023-07-04T17:00:01","guid":{"rendered":"https:\/\/insidebitcoins.com\/?p=415313"},"modified":"2023-07-04T17:30:16","modified_gmt":"2023-07-04T17:30:16","slug":"shiba-inu-daily-addresses-recorded-positive-uptick-in-q2-2023-data-shows","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/shiba-inu-daily-addresses-recorded-positive-uptick-in-q2-2023-data-shows","title":{"rendered":"Shiba Inu Daily Addresses Recorded Positive Uptick in Q2 2023 Data Shows"},"content":{"rendered":"

Despite several highs and lows that confronted Shiba Inu in Q2 of 2023, data shows the meme token recorded increased investor interest these past months.<\/span><\/p>\n

A quarterly <\/span>report<\/span><\/a> on Shiba Inu from a leading surveillance platform, IntoTheBlock, suggests that the dog-themed meme token ended Q2 with a remarkable performance.\u00a0<\/span><\/p>\n

According to the report, Shiba Inu\u2019s daily new addresses rose by 357% in June.<\/span><\/p>\n

SHIB Witnesses Renewal In Investor Interests<\/h2>\n

With the 357% increase, Shiba Inu’s new daily addresses went from 877 quarterly lows on May 2<\/span>1 <\/span>to over 4,000 on June 27. <\/span>The difference indicates positive growth in the SHIB ecosystem and renewed investor interest in the meme coin. <\/span><\/p>\n

The performance shows<\/a> that Shiba Inu\u2019s user base expanded as more market participants recognized its potential utility amid ecosystem developments.<\/span><\/p>\n

Shiba Inu didn’t only see increased new addresses but also saw a massive surge in daily Active Addresses in Q2. <\/span>According to <\/span>data<\/span><\/a> from blockchain analytics firm, Santiment, Shiba Inu’s 24-hour active addresses rose to a year high of 42,822 on June 11.\u00a0<\/span><\/p>\n

Furthermore, daily active addresses remained above 6,000 until the end of the second quarter, rising above the 4,000 averages. The significant increase in Active Addresses indicates an uptick in trade activity.<\/span><\/p>\n

But this observation could point towards a rise in asset selloffs or increased accumulation. However, on-chain data suggests the latter. <\/span>Moreover, asset balances on Shiba Inu<\/a> address increased towards the end of the same quarter or remained stable.\u00a0<\/span><\/p>\n

This observation particularly applies to addresses holding 1 million to 100 million SHIB<\/a> tokens whose balances expanded in June. <\/span>Nonetheless, <\/span>Shiba Inu<\/span><\/a> witnessed increased market volatility in the first two months of Q2. Most addresses dumped their SHIB holdings when Shiba Inu’s price plunged below $0.00001 in May.<\/span><\/p>\n

Despite the favorable statistics, the market turbulence caused SHIB to lose 30% of its valuation, entering Q2 at $0.00001083 and ending at $0.00000755. But the improved investor interests could trigger a rebound for the meme token.<\/span><\/p>\n

Shiba Inu Ecosystem Developments<\/span><\/h2>\n

The improved investor interest suggested from the data could be due to the ongoing developments in the SHIB ecosystem. Among these developments is the SHIB: The Metaverse project.<\/span><\/p>\n

According to a June 25 <\/span>report<\/span><\/a>, investors acquired 73 lands in the SHIB Metaverse, triggering a buzz within the community. <\/span>The development marked a milestone for the metaverse project, with notable community leaders expressing excitement.\u00a0<\/span><\/p>\n

Marcie Jastrow, the SHIB metaverse advisor, took to Twitter to thank the Shibpreme team for their contribution to the project. <\/span>The advisor thanked the project manager Ortiz6Mil and Shibpreme cofounder, Ttello for their efforts toward the project’s success.<\/span><\/p>\n

Meanwhile, as of the time of writing, the <\/span>Shiba Inu price<\/span><\/a> changes hands at $0.0000077, with a 24-hour decline of 0.13%.<\/span><\/p>\n

\n <\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Despite several highs and lows that confronted Shiba Inu in Q2 of 2023, data shows the meme token recorded increased investor interest these past months. 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