- Shiba Inu saw strong growth in Q2 with over 4k daily new addresses.
- However, 84% of SHIB token holders are currently experiencing losses.
- Data suggest a positive future for SHIB, with 70% green days.
According to market intelligence platform IntoTheBlock, Shiba Inu (SHIB) has gained significant attention recently, ending the second quarter of the year strong. IntoTheBlock tweeted about Shiba Inu’s quarterly update, highlighting positive signs of growth regarding new addresses.
Quarterly Update: #SHIB had a strong ending to Q2, with new addresses showing positive signs of growth. Daily new addresses reached over 4k on June 27th, up 357% from it 877 quarterly low on May 21st. pic.twitter.com/jbhlR8OUvl— IntoTheBlock (@intotheblock) July 3, 2023
The tweet stated that daily new addresses for Shiba Inu reached over 4,000 on June 27, marking a substantial increase of 357% compared to its quarterly low of 877 on May 21. While this surge in new addresses indicates a growing interest in Shiba Inu, it signifies a broader adoption.
IntoTheBlock’s token summary reveals interesting insights about Shiba Inu’s market dynamics. Currently, 11% of token holders are making money at the current price, 4% are at a break-even point, and 84% are experiencing losses.
This concentration of losses could be attributed to the dominance of large holders, who account for 79% of the total token concentration. Furthermore, IntoTheBlock provides data on the composition of Shiba Inu holders based on the time they have held the token. The majority, 69%, have held Shiba Inu for over a year, indicating a strong commitment among long-term investors.
Additionally, 27% of holders have held Shiba Inu for one to 12 months, while only 4% are relatively new investors who have held the token for less than a month.
On the other hand, Coincodex, a popular crypto data platform, offers further insights into Shiba Inu’s performance. According to its technical indicators, the current sentiment towards Shiba Inu is neutral, while the Fear & Greed Index suggests a greed sentiment with a score of 62.
Coincodex data also shows that over the last 30 days, Shiba Inu experienced 21 out of 30 green days, indicating positive price performance with 7.80% volatility.
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