Shiba Inu and Dogecoin hit seven-week highs in network activity
According to crypto analytics agency Santiment, daily network activity of SHIB and DOGE is steadily growing. Thus, according to the given data, the indicators of both coins have already reached seven-week highs, and in the last 10 days Shiba Inu and Dogecoin have shown more than 30% growth in the number of active addresses.
🐶😺 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
Both coins started the month with 123,110 active addresses for Dogecoin and 3,975 for Shiba Inu. Further, over two weeks, the value of the indicator did not change much when, on June 14, the first intra-month jump occurred and the values were 137,150 and 5,222 active addresses, accordingly. After that, there was a decline, and finally in the last days of June, the previous record was updated.
It is interesting that the highs update occurred for Shiba Inu and Dogecoin on different, but adjacent, dates. So, the number of active DOGE addresses reached a maximum on June 27 with 138,680. SHIB reached its maximum the next day, June 28, with a total of 6,759 active addresses.
Positive sentiment in negative market
At its peak, the number of active addresses compared to the beginning of the month was 12.5% more for DOGE and 68.2% more for SHIB. It is also worth noting that the renewal of the highs of coins’ network activity was preceded by a strong increase in the price of both projects, which faded in the period of maximum activity.
It is hard to say what exactly influenced the growth of active Shiba Inu and Dogecoin addresses, especially in a period when many other popular projects, on the contrary, are experiencing a decline in activity. It may be due to widespread acceptance of both SHIB and DOGE as a means of payment by merchants and payment systems, or maybe the intensive work of the projects’ teams on new solutions, like Shibarium or Dogechain.