Connect with us
Active Currencies 14431
Market Cap $2,650,865,242,832.40
Bitcoin Share 50.09%
24h Market Cap Change $-3.39

Shiba Inu ends Q2 strongly; what the future holds

3min Read

Investors showed confidence in SHIB in Q2— a notable change from the first three months of the year. But how will the next quarter fare?

Shiba Inu ends Q2 strongly; what the future holds

Share this article

  • 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.

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.

While the metric remains in the negative region, the rise to -0.821 suggests that market participants were increasingly becoming confident in SHIB’s performance, especially from the unique social comments. 

Consequently, this affected the 30-day active addresses. At press time, active addresses on the Shiba Inu network had grown to 162,000. And this growth also began around the same period the broader sentiment changed.

Shiba Inu active addresses and weighted sentiment

Source: Santiment

Typically, active addresses show the number of unique addresses that have participated in transacting an asset within a specific period. Thus, this implies that speculation and interaction with the token improved. 

Still a market top for SHIB?

When it comes to the Network Value to Transaction Signal (NVTS), Glassnode showed that the metric had spiked beyond 162. 

For context, the NVTS uses a 90-day moving average of the daily transaction volume in the denominator instead of the raw daily transaction volume. This uptrend indicates that investors were pricing SHIB at a premium while the market cap outpaced the transaction volume.

Such states often coincide with market tops, depending on the established market directions. Therefore, it is likely that SHIB’s short-term trend might remain underwhelming unless increased demand and activity change the dynamics.

Shiba Inu NVT signal

Source: Glassnode

However, Anthony Cerullo was of the opinion that SHIB’s mediocre outlook would only last a while. Speaking to AMBCrypto, the Chief Communications Officer at AI-powered CeDeFi platform Walbi said that SHIB burn and Shibarium could have a positive effect on the token.   

Is your portfolio green? Check the Shiba Inu Profit Calculator

Although he admitted that SHIB’s 2% Week-To-Date (WTD) increase was a glaring underperformance, he also mentioned that,

“The growth tendencies of Shiba Inu are also hinged on its burn program which introduces the element of deflation as well as the introduction of products like Tangem-backed hardware wallets that will help secure tokens within its ecosystem.”


Victor Olanrewaju is a full-time journalist at AMBCrypto. Settled in Lagos, his fascination with blockchain technology and the cryptocurrency market arose out of his love of freedom and everything free. As a Nigerian, Victor understands the impact unfounded financial restrictions have on a population. He sees Bitcoin and cryptos as a way to circumvent these obstacles, as a tool for value creation despite all the setbacks. A graduate in Physics, Victor previously worked as a Senior Marketer at Melange Technologies. Before that, he dealt with crypto-marketers on a regular basis in his capacity as Copywriter at Ventrix Media. At AMBCrypto, Victor’s focus is on assessing the real effectiveness of both on-chain and off-chain developments on a project and its community sentiment.
Read the best crypto stories of the day in less than 5 minutes
Subscribe to get it daily in your inbox.
Please check the format of your first name and/or email address.

Thank you for subscribing to Unhashed.