Shiba Inu, the second most popular meme cryptocurrency, has recently experienced an increased adoption by individuals and businesses alike, boosting network activities even higher.
Santiment, a crypto data tracking platform, said:
“Shib active addresses have been rising through June.”
Santiment showed that the Shiba Inu network activity surged 35% in the past ten days. In addition, the tracking platform added that the memecoin had seen more returning network interactions lately.
As a result, the dog-themed token’s active addresses grew from 3,800 to 6,500 in the past ten days before many crypto prices slipped in the past 24 hours. Santiment also noted that the SHIB token had had 3,921 active addresses in the last 24 hours.
Recent Shiba Inu Adoption Increases Network Activities
This week has been quite eventful for the second most prominent memecoin as more businesses massively adopt the SHIB token.
Merchants worldwide can now accept SHIB as payment for goods and services. In addition, users can purchase Apple products using the dog-themed token as payment. Even famous wristwatch brand Breitling welcomes Shiba Inu holders to buy their products with crypto.
However, the dogecoin killer is not the only memecoin that enjoyed the attention of users worldwide; its archrival, Dogecoin, also saw its network activity increase in the past ten days, boasting a 32% surge within the timeframe.
This recent even caused Santiment to admit on Twitter, saying:
“Whatever your opinion may be on Dogecoin and Shiba Inu, it appears as though they are each showing notable increases in network activity. Over the past ten days especially, DOGE (+32%) and SHIB (+35%) have seen many returning network interactions,”
SHIB Loses to Tron in Market Rankings
Despite the increased user interaction on the Shiba Inu network, the memecoin’s value dropped by 1.87% in the last 24 hours.
The dogecoin killer joins other cryptocurrency assets that are trading at a loss, leading the memecoin to lose its place to Tron (TRX), becoming the 15th-largest digital currency.
At the moment, $SHIB sits in the 15th position in the global cryptocurrency rankings with a market cap of $5.32 billion, while Tron has a valuation of $5.84 billion.
Shiba Inu is currently trading around $0.0000099. Nevertheless, investors hope that the adoption rate will positively influence the price in the coming weeks.