Dogecoin and Shiba Inu, the two major meme cryptocurrencies, have recently seen the number of active addresses on their networks jump by more than 30% in a 30-day period, due to the rise in prices of the two cryptos. -currencies.
According to data from analytics firm Santiment, over the past 10 days, Dogecoin has seen the number of active addresses on its network increase by 32%, from around 123,000 to over 137,000, while the Shiba Inu saw a 35% increase. From approximately 3,975 to almost 5,220 active addresses.
🐶😺 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
The increase in the number of active addresses for both cryptocurrencies comes as both have been removed from Crypto.com’s Crypto Earn rewards program, which allows users to earn interest on their cryptocurrency holdings by nature.
For Shiba Inu, the first 2,000 whales in the Ethereum network have increased their investment in cryptocurrency. According to available data, these whales currently hold, on average, $217 million in ETH and $6.5 million in USDC. Behind these two assets comes the Shiba Inu with average holdings of $5 million.
Dogecoin, meanwhile, has counted on the continued support of Tesla and SpaceX CEO Elon Musk, who said he personally supports the cryptocurrency by responding to people who encouraged him to “buy and support dogecoin.”
Both cryptocurrencies were recently added as payment methods to Coinbase Commerce, a division of the Nasdaq-listed exchange Coinbase Global, at a time when the platform is adding off-chain payments to reduce fees and settlement times.
Additionally, the company noted that traders concerned about price volatility will now benefit from instant transactions and automatic fiat currency conversions to ensure they receive the correct amount from payers.
Notably, SHIB has been the best performing cryptocurrency among all tokens listed on Coinbase between 2021 and 2022 so far. Of approximately 125 cryptocurrencies listed for this period, only 10 outperformed flagship cryptocurrency Bitcoin, and the meme-inspired cryptocurrency was the top performer with a 49% rise from its 24th listing price. June.