Shiba Inu (SHIB) Is Crypto’s Most Popular Starter Coin: Report- Nansen recorded that more than $56 million in SHIB tokens flowed into 12,000 new wallets.
- Excitement surrounding the launch of Shibarium is increasing.
- SHIB saw a 0.15% increase in price over the last 24 hours.
The blockchain analytics platform Nansen recently revealed data that indicates that the most popular non-stablecoin digital asset for newly funded crypto wallets over the last seven days was (SHIB).
Over this period, Nansen recorded that more than $56 million in SHIB tokens flowed into about 12,000 new wallets. Nansen stated that the ERC-20 token was the most common crypto, other than stablecoins, to appear in these balances.
This news comes despite the fact that SHIB experiences a bit of a correction over the past week, in line with the rest of the market and despite the fact that many falsely believe that Binance delisted SHIB. The crypto exchange merely delisted certain trading pairs that included SHIB.
Adding to the excitement surrounding the meme coin is the highly anticipated launch of the recently announced Shibarium, an layer-2 ecosystem for launching decentralized apps using SHIB as a native token.
The post Shiba Inu (SHIB) Is Crypto’s Most Popular Starter Coin: Report appeared first on Coin Edition.
Shiba Inu has been making headlines in the past few days as the token climbs in price along with other altcoins. Recent news would only compliment the meme coin’s current dominant position in the market.
Nansen, a crypto market research firm, named Shiba Inu the most popular starter crypto for newly funded wallets last week. According to a report, Nansen tracked $56 million worth of SHIB flow into 12,000 newly made wallets.
This popularity can be attributed to the recent buzz around Shibarium which is nearing its launch. Shibarium is the ecosystem’s L2 solution with built-in features that would give the token more utility.
Image: Cryptoslate
Related Reading: CoinDesk Might Have Cardano Founder Charles Hoskinson As Potential Buyer
What Does This Mean For Shiba Inu?
The Shiba Inu ecosystem has been going through development after development even as fear, uncertainty, and doubt strengthens due to multiple high profile collapses in the world of crypto. One of the major developments was the entry of Shiba into the world of GameFi with Shiba Eternity.
The game was launched back in October 2022. However, the version that was launched was not the blockchain version of the game and as of writing, there is still no information when it would launch. Shibarium, on the other hand, is close to hitting the open market.
Image: WBUR
Shibarium is currently in its finishing touches, with the beta version being used as a way to introduce the community to how the upgrade’s features would work when it inevitably launches. Because of this, the ShibArmy is extremely bullish about the long-term prospects of SHIB.
This in-flow of new wallets being filled up with SHIB is a sign that the hype around Shibarium has reached a new level. It is important then to track whether these new wallets will sell or not as $56 million worth of SHIB is not small change.
$BONE should bounce from here
Will be writing a thread about why I’m incredibly bullish on this very soon!#Shibarium #SHIB pic.twitter.com/EAcHSjZIRp
— Eηιgмα (@CryptoEnigma_) January 23, 2023
Investors And Traders Should Watch This Level
As of writing, January 23rd, the token is up 14% in the weekly time frame even as the bears countered the bullish momentum from January 1st.
Currently, SHIB is consolidating above its current support at $0.00001184. Investors and traders should watch if the bears are able to break through this level as any break of this support could trigger a sell-off towards $0.00001047.
Crypto total market cap at $999 billion on the daily chart | Chart: TradingView.com
However, if the Shiba Inu bulls are successful in their consolidation efforts, we might see SHIB have a breakthrough above $0.00001293 which can wipe the losses post-FTX collapse.
With the nearing launch of Shibarium, Nansen might see more new wallets accumulating SHIB, further adding to the upward motion of the token.
Featured image by Seeking Alpha
Top 10 Crypto Prices for January 23, 2023: Shiba Inu is the Most Popular Starter Coin Analytics Insight
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Shiba Inu was the most popular crypto in new wallets over the past week, an on-chain analytics firm recently found. Banking was a boring subject for the Baby Boomer generation, but in the Internet of programmable money, finance is fun.
If asked to guess what they thought was the most popular first coin for new crypto adopters over the past week, many people would probably guess Bitcoin. But that doesn’t seem to be the case. Neither is it the number two crypto by market cap, the peer-to-peer network computer, Ethereum (ETH).
Shiba Inu Is Currently Cryptocurrency’s Most Popular Starter Coin
On-chain data discovered by Nansen reveals the most popular non-stable coin digital asset for newly funded crypto wallets over the past seven days was Shiba Inu.
Over that period, Nansen clocked over $56 million in SHIB tokens flow into some 12,000 new wallets. The ERC-20 token was the most common crypto other than stablecoins to appear in these balances, according to Nansen.
Shiba Inu went through a slight correction, in line with the rest of the market.
The pullback coincided with stock prices edging lower after running higher in January. Analysts and commentators widely pointed to disappointed economic data and more hawkish interest rate talk from the Fed as the reason for the rout.
SHIB Token Enthusiasts Eagerly Await ‘Shibarium’
Wrapped Ether on Uniswap and ShibaSwap is the most dominant trading pair partner for SHIB by volume. But Binance holds the most Shiba Inu in SHIB balances.
There were recent misreports that Binance has delisted Shiba Ina.
The centralized crypto exchange only, however, delisted some trading pairs that included SHIB. The Dogecoin (DOGE) inspired Ethereum meme token is on Binance to stay.
The ancient Japanese dog breed, Shiba Inu, became the face of Dogecoin, the Bitcoin-forked PoW crypto that started as a joke. It went on to become one of the most highly capitalized cryptocurrencies in history and inaugurated the memecoin segment. Then DOGE even went on to inspire the Ethereum competitor.
Today SHIB enthusiasts are eagerly anticipating the recently announced Shibarium, an Ethereum layer 2 ecosystems for launching decentralized apps using SHIB as a native token
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- Mark Cuban believes Dogecoin is fun, considers it a starter drug for beginners in crypto.
- A senior cryptocurrency research analyst at Messari argues Dogecoin’s social sentiment and daily transactions are similar to Cardano.
- Analysts note Dogecoin price remains at risk of decline, a breakout is possible only on a specific condition.
Mark Cuban, Dallas Mavericks boss recently commented on what happens to cryptocurrencies when speculators leave. Cuban addressed the state of Dogecoin, the starter drug for crypto. A senior research analyst at Messari identified similarities between Dogecoin and Cardano, sharing his findings.
Also read: Dogecoin and Shiba Inu bleed in Pre-FOMC crypto snoozefest
Dogecoin is the starter drug of crypto: Dallas Mavericks Boss
Billionaire entrepreneur and Dallas Mavericks boss Mark Cuban commented on Dogecoin. Cuban argued that Dogecoin is a tool of speculation and the state of the meme coin is what it would be like, when “all speculators leave.”
Cuban spoke about Dogecoin in a recent episode of the Full Send podcast, describing Dogecoin as the “starter drug for crypto.” Cuban chose this title for the meme coin as it is cheap, has a high utility, and can be used for making payments.
In 2021, Cuban accepted DOGE as a payment for tickets and merchandise, in addition to cryptocurrencies like Bitcoin and Ethereum,
Cuban was quoted on the podcast,
When people were buying and trading Dogecoin a lot, we were making thousands of dollars a week, ten thousand a week, here and there. So it was real money for us. But at the same time, once people stopped speculating on it, people lost kind of the vibe for it.
Cuban believes speculation was the leading factor for Dogecoin price decline.
Analyst believes Dogecoin is similar to Cardano
Tom Dunleavy, Senior Cryptocurrency Research Analyst at Messari identified similarities between Dogecoin and Cardano. Dunleavy notes that Dogecoin’s market capitalization exceeded $75 billion during the bull run. Dogecoin’s daily transactions and social sentiment are similar to Cardano.
Despite the meme coin’s market capitalization decline from $75 billion to $8.2 billion, Dunleavy argues that DOGE has bucked the trend of other networks. DOGE increased transaction volume and active addresses during the recent market downturn.
FXStreet analysts believe Dogecoin price is at a dangerous level and identified key price levels to watch for a shift in the meme coin’s trend. For more information, check the video below: