Shiba Inu Flaunts 35% Network Activity Surge; Least Affected By Crypto Market Meltdown

KEY POINTS

Shiba Inu survived the crypto crash
Three transactions burned $23.4 million SHIB tokens
Shiba Inu was trading up 2.34 percent at $0.00001016

Shiba Inu, the dog-themed altcoin created after Dogecoin, is showing off its prowess in the cryptocurrency world, boasting a 35 percent sharp spike in network activity.

Cryptocurrency aggregator CoinMarketCap ranked Shiba Inu as the least affected crypto asset among the top 100 tokens by market capitalization. Unlike other major cryptocurrencies, SHIB not only survived the market crash but also traded in the green zone.

Although Shiba Inu tumbled and experienced trading in the red zone during the meltdown, the dog-themed altcoin has not reached a point where it traded far lower than its strong support level of 0.0000095.

The coin traded its support level between June 11 and 221, SHIB was able to break out of it quickly due to the massive accumulation made by investors. As of 3:57 a.m. ET on Friday, SHIB was the top trending cryptocurrency price by market capitalization on CoinMarketCap, showing a 2.6 percent increase, followed by move-to-earn crypto STEPN and BEP20 token by Binance SO CAL Token.

Meanwhile, cryptocurrency data feed Santiment reported that Shiba Inu saw a double-digit surge in network activity. The on-chain crypto metrics highlighted the 35 percent increase in Shiba Inu addresses over the past 10 days.

"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," the tweet read.

🐶😺 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 Shib Army has also ramped up its burning activity over the past few days as a way to help its price float in the highly volatile market. On Thursday, three transactions burned 23.4 million SHIB tokens, an impressive addition to the 400 trillion tokens sent to a dead wallet since the launch of the ShibaBurn in April.

Shiba Inu was trading up 2.34 percent at $0.00001016 with a 24-hour volume of $618,517,624 as of 4:10 a.m. ET on Friday, based on the latest data from CoinMarketCap.