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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

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  • 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.”


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Victor is a full-time journalist at AMBCrypto. Before his sojourn into the world of journalism, he was a “buy the top, sell the bottom” merchant while doubling as a sales funnel copywriter. Victor’s focus is the exciting on-chain landscape of the cryptocurrency market and its underlying technology. His other interests include politics, Afrobeats, sports, and marketing.
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