The increase in the number of active addresses indicates that even though the crypto market is currently going through a downtrend, it is moving internally, which means that investor activity is increasing for cryptocurrencies.
There is a good signal coming from Shiba Inu and Dogecoin. A big increase is being seen in the daily network activity of both these digital currencies. This has been disclosed in a report related to Crypto Analysis. It said that daily activity in both the coin networks has reached a 7-week high. Apart from this, Shiba Inu and Dodgecoin have registered a 30 percent increase in terms of 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, this number was 3,975. In mid-June, this figure increased to 1 lakh 37 thousand 150 for Shiba Inu while this number increased to 5,222 for Shiba Inu. After that there was a slight decline and in the last days of June these figures increased again. Shiba Inu on June 27For this, the active address has increased to 1 lakh 38 thousand 680. At the same time, this number increased to 6,759 for Shiba Inu.
The reason for increasing active addresses of Dodgecoin and Shiba Inu currently appears to be the same. That is, both these cryptocurrencies through merchantsWidespread adoption as a payment option. In the last few days, several stalwarts from the sports, entertainment, food chain and fashion industry have launched DOGE and SHIB Payments. Or it could also be a reason that the large scale work of the project team on a new solution such as Shibarium or Dogechain can also be a reason for the increase in this activity.