Data Shows Shiba Inu Daily New Addresses Saw Positive Growth in Q2

Shiba Inu observed remarkable growth in daily new addresses in this year’s second quarter, according to data from the surveillance platform IntoTheBlock. 

While Shiba Inu (SHIB) faced a series of oppositions in the second quarter of the year, on-chain data suggests the canine-themed asset saw a resurgence of interest among market participants.

IntoTheBlock, a leading blockchain surveillance platform, recently released its quarterly update on Shiba Inu. According to the report, SHIB witnessed a remarkable surge in daily new addresses during the second quarter of this year, indicating positive growth and renewed interest.

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

Data suggests that SHIB recorded over 4,000 new addresses on June 27, marking a significant milestone for the asset. This surge represents a staggering 357% increase from the quarterly low of 877 new addresses recorded on May 21.

The rapid increase in new addresses signifies an expanding user base for Shiba Inu. It further highlights the increasing participation of investors and traders in the Shiba Inu ecosystem. This comes as more individuals recognize the asset’s potential amid ecosystem developments.

In addition to new addresses, Shiba Inu witnessed an astronomical surge in daily active addresses in Q2. Data from Santiment reveals that SHIB’s 24-hour active addresses skyrocketed to a high of 42,822 on June 11. This was the highest daily active address count in over a year.

Shiba Inu Accumulation 

Moreover, daily active addresses mostly remained above the 6,000 mark late into the second quarter, towering above the 4,000 average. The noticeable increase in active addresses signals a revival of trade activity.

However, this could translate to an uptick in selloffs or a surge in accumulation. On-chain data points to the latter. Notably, balances on Shiba Inu addresses either remained stable or increased late into the second quarter. Particularly, addresses holding 1 million to 100 million SHIB augmented their balances in June.

Despite the favorable metrics observed late in the second quarter, it is essential to note that SHIB faced market turbulence in the first two months of the quarter. Most addresses dumped their tokens as SHIB plummeted below the $0.00001 mark in May.

Shiba Inu shed 30% of its value in Q2, starting the quarter with a price of $0.00001083 and ending with $0.00000755. However, the renewal of investors’ interest could kickstart a comeback from the asset. SHIB is changing hands at $0.00000768, up 1.72% this July.