Dogecoin ($DOGE) and Shiba Inu ($SHIB), the two leading meme-inspired cryptocurrencies, have recently seen the number of active addresses on their networks jump well over 30% over a 30-day period as the prices of both cryptoassets rose.
According to data from on-chain analytics firm Santiment, over the past 10 days, Dogecoin saw the number of active addresses on it surge 32% from around 123,000 to over 137,000, while SHIB saw a 35% rise. From around 3,975 to roughly 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 $SHIB (+35%) have seen many returning network interactions. https://t.co/LDiWKEJIMg pic.twitter.com/JMjWQDzmtB
— Santiment (@santimentfeed) June 29, 2022
The rise in active addresses for both meme-inspired cryptocurrencies comes at a time in which both were removed from Crypto.com’s Crypto Earn rewards program, which allows users to earn interest on their cryptocurrency holdings in kind.
For Shiba Inu, as CryptoGlobe reported, the top 2,000 whales on the Ethereum ($ETH) network have been increasing their bets on the cryptocurrency. According to available data, these whales currently hold, on average, $217 million worth of ETH and $6.5 million worth of USDC. Behind these two assets comes the meme-inspired cryptocurrency, with average holdings of $5 million.
Dogecoin, on the other hand, has counted on continuous support from Tesla and SpaceX CEO Elon Musk, who said he personally supports the cryptocurrency as he responds to people that have encouraged him to “buy and support dogecoin.”
Both meme-inspired cryptocurrencies were recently added as payment methods to Coinbase Commerce, a division of the Nasdaq-listed exchange Coinbase Global at a time in which the platform is adding off-chain payments to reduce fees and settlement times.~
Moreover, the firm noted that merchants concerned about price volatility will now benefit from instant transactions and auto conversions to fiat currency to help ensure they’re receiving the correct amount from payers.
SHIB was notably the best-performing cryptocurrency among all of the tokens listed on Coinbase between 2021 and 2022 so far. Out of around 125 cryptocurrencies being listed for that period, only 10 outperformed the flagship cryptocurrency Bitcoin, and the meme-inspired cryptocurrency was the best performer with a 49% rise from its listing price as of June 24.