Despite a lackluster price performance in 2023, Shiba Inu (SHIB), the popular meme cryptocurrency, has shown remarkable resilience in terms of network growth during the month of June.
While its value may have struggled, the increasing interest and activity within the Shiba Inu community indicate that the meme coin has been reclaiming the attention of crypto enthusiasts in recent weeks.
Notably, meme coin witnessed a sharp increase in new daily addresses over the past month, consistently adding more than 2,500 per day, crypto behavior analytics platform Santiment said on July 6.
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Apart from a few dips, new daily addresses created on the SHIB blockchain remained above the 2,500 mark throughout most of the last month, indicating sharp network growth.
The spike was particularly evident toward the end of the month when the number of new daily addresses rose above 4,000.
Daily active addresses on SHIB soar to the highest level in more than a year
This increase marks an impressive 357% jump compared to the quarterly low of 877 new addresses Shiba Inu network recorded on May 21, as per data provided by IntoTheBlock.
Furthermore, the meme crypto asset also experienced a substantial jump in daily active addresses. According to on-chain data, SHIB witnessed a new record of 42,822 active addresses within a 24-hour period on June 11, the highest in more than a year.
SHIB price analysis
At press time, SHIB was trading at $0.000007602, up 1.1% in the past 24 hours.
The meme cryptocurrency rose more than 3% on the weekly chart, though it remains down over 5% over the past 30 days.
Year-to-date, SHIB is down around 5.7% and is one of the rare major cryptocurrencies that are in the red this year, compared to the likes of Bitcoin (BTC), Ethereum (ETH), XRP (XRP), Bitcoin Cash (BCH), and others that benefited from the broader market rally.
According to the price prediction algorithm over on the PricePredictions crypto monitoring platform, SHIB is expected to reach $0.000008 on July 31, implying a marginal upside of 3.6% from its current price.
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