Monday, February 6, 2023

DOGE and SHIB Active Addresses Increase by 35% A Sign of Improvement in the Market?

A good sign is coming from Shiba Inu and Dogecoin amidst the ongoing bearish market in the cryptocurrency market, or what is called bear market in market parlance. There is a big increase in the daily network activity of both these digital currencies. This has been revealed in a report related to Crypto Analysis. It added that daily activity in both coin networks has reached a 7-week high. In addition, Shiba Inu and Dodgecoin have registered a 30 percent increase in active addresses in the last 10 days.

According to the report of Santiment, at the beginning of June, the number of active addresses of Dodgecoin was 1 lakh 23 thousand 110. For the Shiba Inu the number was 3,975. In mid-June, this figure increased to 1 lakh 37 thousand 150 for Shiba Inu and 5,222 for Shiba Inu. After that it declined slightly and in the last days of June these figures increased again. On June 27, the active addresses for Shiba Inu increased to 1 lakh 38 thousand 680. At the same time, this number increased to 6,759 for the Shiba Inu.

The increase in the number of active addresses indicates that even though the crypto market is currently going through a downtrend, internal movements are on the rise. Which means that investor activity for cryptocurrencies is on the rise. It is quite surprising that the number of active addresses for both these tokens has increased at a time when the activity for most of the popular tokens was continuously decreasing. It is difficult to say which factor is behind the increase in active addresses of Dodgecoin and Shiba Inu.

The reason for the increase in active addresses of Dodgecoin and Shiba Inu currently appears to be the same. That is, the widespread adoption of both these cryptocurrencies by merchants as payment options. In the past few days, several stalwarts from the sports, entertainment, food chain and fashion industry have launched DOGE and SHIB Payments. Or one of the reasons could be that the projects team working on a new solution such as Shibarium or Dogechain on a large scale could also be a reason for the increase in this activity.

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