Shiba Inu and Dogecoin Witness a 30% Spike in Network Activity; Why?

Paigambar Mohan Raj
Source: The Financial Express

According to the data provided by crypto analytics firm, Santiment, the network activity of Shiba Inu (SHIB) and Dogecoin (DOGE) has been on the rise. Both dog-themed coins have seen a steady increase in their respective indicators. SHIB has seen a 35% increase in network interactions. Meanwhile, DOGE has witnessed a rise of 32% over the same period.

At the beginning of the month, Dogecoin had 123,110 active addresses. On the other hand, Shiba Inu had 3975 active addresses. The indicator did not see much change over the first two weeks. However, on June 14, the number increased to 137,150 and 5,222 active addresses, respectively.

On June 27, there were 138,680 active DOGE addresses, which was a record high. The next day, June 28, SHIB reached its peak with 6,759 active addresses.

At its height, DOGE had 12.5% more active addresses than it had at the beginning of the month, while Shiba Inu had 68.2% more for the same. It is also worth mentioning that the repetition of the highs of coins’ network activity was preceded by a substantial spike in the price of both projects. However, the price dropped in the period of highest activity.

Additionally, both projects have witnessed a spike in their trading volume. There is a possibility that many investors and users are buying the dip.

What’s pushing Shiba Inu and Dogecoin?

The reason for the spike is difficult to pinpoint. One reason could be the rise in adoption cases. Due to many partnerships, cryptos have become easier to use as payment methods. Moreover, Dogecoin proponent Elon Musk revealed that he would not sell his DOGE holdings.

On the other hand, Shiba Inu fans eagerly await the launch of Shibarium, the project’s layer-2 network. As per the latest reports, the public test net should be ready by Q3 of this year.

At press time, SHIB was trading at $0.00000984, down by 0.7% in the last 24 hours. At the same time, DOGE was trading at $0.063500, down by 3.5% in the previous 24 hours.