• SHIB’s new and active addresses grew significantly from the last quarter.
• The token might fall short in Q3 unless there is a change in on-chain activity. 

Shiba Inu [SHIB] concluded the second quarter (Q2) of the year with notable momentum and market activity. Despite facing ups and downs in the volatile crypto landscape, IntoTheBlock revealed that SHIB’s daily new addresses increased. In fact, it was a 357% increase from the lows of the previous quarter.

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

Read Shiba Inu’s [SHIB] Price Prediction 2023-2024

Recall that, in Q1, SHIB’s network activity was not exactly impressive even as doubts surfaced about the long-term relevance of the cryptocurrency. However, the surge in new addresses implied that the meme had attracted adoption. 

Bumpy roads are now smooth

As Q3 begins, many may begin to wonder what lies ahead for Shiba Inu and whether its positive momentum will continue. Well, according to Santiment, SHIB’s weighted sentiment has been increasing since the beginning of June.

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Author: Victor Olanrewaju

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