According to data from IntoTheBlock, a renowned blockchain monitoring platform, Shiba Inu (SHIB), the dog-themed crypto, had a stunning rise in daily new addresses during the second quarter of this year, signaling strong growth and renewed enthusiasm.
Shiba Inu (SHIB) managed to draw a rising user base while experiencing opposition and hurdles during the quarter. On June 27, the asset recorded almost 4,000 new addresses, a significant milestone and an astounding 357% growth from the quarterly low on May 21.
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This increase in new addresses demonstrates the Shiba Inu ecosystem’s growing user population and growing participation of investors and dealers. As the ecosystem evolves, more people recognize the value of this asset.
Quarterly Update: #SHIB had a strong ending to Q2, with new addresses showing positive signs of growth. Daily new addresses reached over 4k on June 27th, up 357% from it 877 quarterly low on May 21st. pic.twitter.com/jbhlR8OUvl
— IntoTheBlock (@intotheblock) July 3, 2023
Shiba Inu observed a considerable increase in daily active addresses in Q2 in addition to the growth in new addresses. According to Santiment data, SHIB’s 24-hour active addresses peaked at 42,822 on June 11, the highest amount in almost a year.
Daily active addresses remained continuously above 6,000 throughout the second quarter, exceeding the 4,000 average. This significant increase indicates a resurgence of trading activities within the Shiba Inu ecosystem.
However, the repercussions of this increased activity must be considered. While this could increase selling pressure, on-chain data indicates a rise in accumulation. During the latter half of the second quarter, balances on Shiba Inu addresses remained stable or even climbed. Addresses with 1 million to 100 million SHIB tokens saw their balances increase in June.
Despite market volatility in the first two months of the quarter, with SHIB’s value falling below 0.00001 in May, favorable indicators recorded later in the quarter offer promise for a future rebound. The asset, which is currently trading at 0.00000768, has already increased by 1.72% in July, signaling increasing investor interest.
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ShibaSwap: Fueling Adoption and Expansion
ShibaSwap, a decentralized exchange built on the Ethereum blockchain, is driving increased interest and growth within the Shiba Inu community. ShibaSwap intends to give customers with a safe and easy-to-use platform for trading and staking their SHIB tokens. ShibaSwap has a large number of players due to its unique features and appealing rewards system.
ShibaSwap’s introduction has not only enhanced liquidity and simplicity of trading, but it has also facilitated the amassing of SHIB tokens. Staking tokens on the platform is valuable to users since it provides additional incentives and possibilities to earn rewards.
The ecosystem is expanding as more users flock to ShibaSwap and engage in staking operations. ShibaSwap’s performance highlights the growing importance of decentralized exchanges in the crypto environment and positions Shiba Inu (SHIB) for potential future growth and relevance.
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