According to data from crypto analytics firm Santiment shiba inu and Dogecoin’s daily network activity continues to grow steadily. According to the latest data released, indicators for both meme coins have already hit seven-week highs, with more than 30% growth in the number of active addresses for Shiba Inu and Dogecoin over the past ten days.
🐶😺 Whatever your opinion may be on #dogecoin and #ShibaInu, it appears as though they are each showing notable increases in network activity. Over the past 10 days especially, $DOGE (+32%) and $SHIB (+35%) have seen many returning network interactions. https://t.co/LDiWKEJIMg pic.twitter.com/JMjWQDzmtB
— Santiment (@santimentfeed) June 29, 2022
dogecoin Shiba Inu started this month with 123,110 active addresses and 3,975 active addresses. During the intervening two weeks, when the first ‘monthly leap’ took place on June 14, there was no big change and the values reached 137,150 and 5,222, respectively. A short rise to these levels was followed by a decline, and today, as we reached the end of June, a big jump took place.
It is quite interesting that the high updates for Shiba Inu and Dogecoin occur on different but same dates. Thus, the number of active DOGE addresses reached its highest level with 138,680 on 27 June. SHIB, on the other hand, reached its maximum value on June 28 with a total of 6,759 active addresses.
Shiba Inu and Dogecoin Do Well in Adverse Conditions
At this peak, the number of active addresses was 12.5% higher for DOGE and 68.2% higher for Shiba Inu compared to the beginning of the month. Moreover, meme coinIt is worth noting that before the renewal of high levels of network activity of the ‘s, there was a strong increase in the prices of both projects, which faded during the period of maximum activity.
It is difficult to say exactly what is driving the growth of active Shiba Inu and Dogecoin addresses, which is somewhat interesting, especially at a time when, unlike many other popular projects, it is experiencing a decline in activity. It may be due to the widespread acceptance by traders and payment systems of both SHIB and DOGE as a means of payment, or the hard work of project teams on new solutions such as Shibarium or Dogechain.
You can follow the current price action here.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.