The community has been waiting for Shiba Inu hardware wallets for a long time. According to emails sent to potential users, it will be delivered at the end of this month. Meanwhile, according to data from IntoTheBlock, the Shiba Inu observed notable growth in new daily addresses in the second quarter of this year. After these developments, the altcoin price started to rise.
The latest on Shiba Inu wallets
The Shiba Inu wallet is the invention of meme-coin and Tangem, the next generation hardware wallet that stores all your crypto assets simply and securely. After months of development, users who pre-ordered the hardware in May began receiving updates detailing the delivery timeline of the device. An email shared by a Shiba Inu community member indicates that the wallets are scheduled to be delivered by July 24. According to the post, the first batch of wallets is on its way to Tangem’s warehouse in Hong Kong.
The hardware wallet marks another path that Shiba Inu aims to deepen its place as a protocol dedicated to infrastructure growth and utility. If these products work as expected, Shiba Inu will be the first meme-coin to launch a dedicated wallet for the growing Shibarium ecosystem. This is a feat that most full-blown layer-1 blockchains have yet to achieve.
Shiba Inu also supports the proliferation of functional decentralized apps and smart contracts. cryptocoin.comannounced its plans to launch Shibarium for this purpose. This created a momentum for his peers to catch up. The anticipated Tangem wallet will help boost the security and storage capabilities of meme-coin-related tokens, including BONE and LEASH, among others.
Impact on altcoin price
SHIB gained some momentum during the day due to the role the hardware wallet will play in the ecosystem. At press time, the altcoin was changing hands at $0.000007755, up 2.42% on a daily basis.
The hardware wallet will not directly affect the meme-coin. However, the developers designed it to contribute to the overall growth of the Shiba Inu. According to experts, this will also have a fundamental bullish effect on its price in the long run.
Shiba Inu sees growth in new addresses daily
SHIB faced a series of opposition in the second quarter of the year. However, on-chain data shows that SHIB is gaining renewed interest among market participants. IntoTheBlock, a leading Blockchain surveillance platform, recently released its quarterly update on the Shiba Inu. According to the report, SHIB witnessed a notable increase in daily new addresses in the second quarter of this year. This indicates positive growth and renewed interest.
Data shows that SHIB registered over 4,000 new addresses on June 27. This is an important turning point for the asset. This increase represents a staggering 357% increase compared to 877 new addresses, the three-month low recorded on May 21.
The rapid increase in new addresses points to an expanding user base for the Shiba Inu. It also highlights the increased participation of investors and traders in the Shiba Inu ecosystem. This has come about as more people realize the asset’s potential, along with developments in the ecosystem. In addition to new addresses, Shiba Inu witnessed an astronomical increase in daily active addresses in Q2. Data from Santiment reveals that SHIB’s 24-hour active addresses skyrocketed to 42,822 on June 11. This was the highest number of daily active addresses in over a year.
Data points to accumulation for altcoin!
Also, daily active addresses remained above the 4,000 average towards the end of the second quarter, mostly staying above the 6,000 level. The noticeable increase in active addresses points to a revival in business activities. However, it is possible that this situation will turn into an increase in sales or an increase in savings. On-chain data points to the latter. Notably, balances at Shiba Inu addresses either remained stable or increased towards the end of the second quarter. Notably, addresses holding between 1 million and 100 million SHIBs increased their balances in June.
It should be noted that despite the positive metrics observed at the end of the second quarter, SHIB faced market turbulence in the first two months of the quarter. SHIB fell below the $0.00001 level in May. That’s why most addresses abandoned their tokens. The Shiba Inu started the quarter at $0.00001083, losing 30% of its value in Q2. However, it finished with $0.00000755. Therefore, renewed investor interest can initiate a return on the asset.
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