Despite several highs and lows that confronted Shiba Inu in Q2 of 2023, data shows the meme token recorded increased investor interest these past months.
A quarterly report on Shiba Inu from a leading surveillance platform, IntoTheBlock, suggests that the dog-themed meme token ended Q2 with a remarkable performance.
According to the report, Shiba Inu’s daily new addresses rose by 357% in June.
SHIB Witnesses Renewal In Investor Interests
With the 357% increase, Shiba Inu’s new daily addresses went from 877 quarterly lows on May 21 to over 4,000 on June 27. The difference indicates positive growth in the SHIB ecosystem and renewed investor interest in the meme coin.
The performance shows that Shiba Inu’s user base expanded as more market participants recognized its potential utility amid ecosystem developments.
Shiba Inu didn’t only see increased new addresses but also saw a massive surge in daily Active Addresses in Q2. According to data from blockchain analytics firm, Santiment, Shiba Inu’s 24-hour active addresses rose to a year high of 42,822 on June 11.
Furthermore, daily active addresses remained above 6,000 until the end of the second quarter, rising above the 4,000 averages. The significant increase in Active Addresses indicates an uptick in trade activity.
But this observation could point towards a rise in asset selloffs or increased accumulation. However, on-chain data suggests the latter. Moreover, asset balances on Shiba Inu address increased towards the end of the same quarter or remained stable.
This observation particularly applies to addresses holding 1 million to 100 million SHIB tokens whose balances expanded in June. Nonetheless, Shiba Inu witnessed increased market volatility in the first two months of Q2. Most addresses dumped their SHIB holdings when Shiba Inu’s price plunged below $0.00001 in May.
Despite the favorable statistics, the market turbulence caused SHIB to lose 30% of its valuation, entering Q2 at $0.00001083 and ending at $0.00000755. But the improved investor interests could trigger a rebound for the meme token.
Shiba Inu Ecosystem Developments
The improved investor interest suggested from the data could be due to the ongoing developments in the SHIB ecosystem. Among these developments is the SHIB: The Metaverse project.
According to a June 25 report, investors acquired 73 lands in the SHIB Metaverse, triggering a buzz within the community. The development marked a milestone for the metaverse project, with notable community leaders expressing excitement.
Marcie Jastrow, the SHIB metaverse advisor, took to Twitter to thank the Shibpreme team for their contribution to the project. The advisor thanked the project manager Ortiz6Mil and Shibpreme cofounder, Ttello for their efforts toward the project’s success.
Meanwhile, as of the time of writing, the Shiba Inu price changes hands at $0.0000077, with a 24-hour decline of 0.13%.
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