Dogecoin, Shiba Inu Network Activity Hits 7-Week High

On-chain data shows an uptick in address activity for meme coins Dogecoin DOGE/USD and Shiba Inu SHIB/USD.

What Happened: According to data from blockchain analytics tool Santiment, DOGE and SHIB have shown notable increases in network activity over the past few weeks.

See Also: How To Buy Dogecoin (DOGE)

Whatever your opinion may be on #Dogecoin and #ShibaInu, it appears as though they are each showing notable increases in network activity. Over the past 10 days especially, $DOGE (+32%) and $SHIB (+35%) have seen many returning network interactions. https://t.co/LDiWKEJIMg pic.twitter.com/JMjWQDzmtB

— Santiment (@santimentfeed) June 29, 2022

Data shows that DOGE addresses increased 32% over the last 10 days, while SHIB addresses increased 35% over the same period.

Santiment noted that address activity for both these coins had hit a seven-week high as of June 30.

The increase in network activity is despite the meme coins trading 85% below their all-time highs. As per data from Benzinga Pro, SHIB was trading at $0.00001009 at press time, 88% lower than its peak price. Meanwhile, DOGE was trading at $0.065, 91% below its all-time high.

See Also: How To Buy Shiba Inu (SHIB)

Industry watchers believe that the next cycle of cryptocurrency will be devoid of any meme coin hype, and as such, these assets will be non-existent over the next few years.

In May, a panel of fintech specialists predicted the death of SHIB by the year 2030. Last week, Dogecoin co-founder Billy Markus expressed a similar sentiment, telling his followers that DOGE may never hit $0.74 again.

Illustration via Adisak Riwkratok on Shutterstock