Altcoins

Santiment: Shiba Inu Network Activity Surges 35% In 10 Days, As Shib Active Addresses Rise Throughout June

Shiba Inu network activity is surging.

Shiba Inu (SHIB) has been recording nice gains in its network activity, which suggests a growing interest in cryptocurrency.

According to data provided by Santiment, an on-chain cryptocurrency data platform that tracks the activities of over 2,000 digital currencies, Shiba Inu network activity has surged by 35% in the past 10 days. The cryptocurrency data provider noted that the meme-based cryptocurrency has seen a lot of “returning network interactions” lately.

The number of Shiba Inu active addresses has also recorded growth in the past 10 days, soaring from a low of 3,800 to 6,500 as of yesterday before the prices of various cryptocurrencies plunged.

Santiment also reports that Shiba Inu has 3921 active addresses in the last 24 hours.

According to Santiment, “Shib active addresses have been rising through June”

Widespread Adoption Fuels Shiba Inu Adoption

Understandably, Shiba Inu’s network activity has been on the increase of late following the massive adoption of the cryptocurrency. As reported, Shiba Inu investors can now purchase Apple products from selected retailers using cryptocurrency.

The digital currency can also be used to buy goods from different merchants across the globe following its recent integration with the Coinbase Commerce platform.

“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,” Santiment tweeted.

🐶😺 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

Shiba Inu is not the only cryptocurrency that has recorded a nice gain in its network activity. The world’s most popular meme-based cryptocurrency Dogecoin also saw its network activity increase in the past 10 days, boasting a 32% surge within the timeframe.

Tron Overtakes Shiba Inu in Market Rankings

The massive surge of user interaction on the Shiba Inu network contributed to a slight growth of the cryptocurrency, which is up 3% in the last 24 hours.

Meanwhile, despite the fact that Shiba Inu is up 3% while other cryptocurrency assets are currently trading at a loss, the asset class was usurped by Tron (TRX) to become the 14th-largest digital currency.

At the moment $SHIB sits in the 14th position in the global cryptocurrency rankings with a market cap of $5.83 billion, while Tron has a valuation of $5.92 billion.

Shiba Inu is currently trading around $0.0000099, with investors hoping that the price will rally in the coming weeks given the series of updates lined up for the project as well as the widespread adoption.

   

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