Nansen states that this altcoin is the most popular unstable asset for newly funded wallets.
This altcoin has joined the new year pump
While crypto remains a brutal bear market, Nansen’s analysis of on-chain data highlights how risk-taking traders are getting into the new year’s pump, especially when it comes to SHIB.
Over the past seven days, the Shiba Inu token (SHIB) has become the most popular purchase among newly funded crypto wallets. According to Nansen, SHIB has been sent to more than 12,000 new wallets, making it the most common non-fixed asset appearing on their balance. These wallets saw $56 million in SHIB entries at the time.
These wallets do not have to be checked by first-time SHIB buyers; on the contrary, many of them can be pass wallets owned by crypto trading veterans. Regardless, SHIB has been featured in these new wallets far more than any other cryptocurrency.
SHIB supply remains stable
The meme coin SHIB is up more than 6% in the last 24 hours as traders digest this week’s Shiba Inu-themed Layer-2 news. Beyond that, there have been other signs of life in crypto over the past week. As we stated as Kriptokoin.com, the Bitcoin Price Index, which was below $ 17,000 on January 8, rose again to $ 21,000.
Most SHIB transactions are conducted in Uniswap, the token’s native decentralized exchange, and wETH-SHIB liquidity pools on ShibaSwap. Wrapped Ether remains the top trading pair for SHIB, accounting for 65% of available liquidity. About a quarter of the liquidity comes through BONE, the Shiba Inu project’s governance token.
Week after week, 22% of the circulating supply of this altcoin is steadily parked on crypto exchanges, with Binance, the world’s largest exchange, holding more SHIBs than any other, with Crypto.com in second place. Notably, Binance’s total SHIB deposits fell by 1.6 trillion tokens in seven days, while deposits of smaller exchanges like OKX increased.
First appearance of Shibarium shared
The upcoming layer 2 network Shibarium will soon join ever-growing Ethereum-based blockchains like Arbitrum and Optimism to address scalability, speed and expense issues. A beta testnet, or blockchain, that mimics real-world operation is expected to be released in the coming weeks.
Layer-2 refers to a set of off-chain solutions (separate blockchains) built on top of Layer-1s that reduce bottlenecks with scaling and data. These help reduce data overhead and fees by consolidating multiple off-chain transactions into a single Layer-1 transaction.
In a whitepaper on Sunday, Shiba Inu developers said Shibarium will focus on metaverse and gaming applications, especially as the NFT industry is expected to heat up in the coming years, apart from Shibarium’s use as an inexpensive settlement for dApps.
The launch could add to strong foundations for the Shiba Inu, which was created as a Shiba Inu-themed meme coin in the previous bull market and has since sought to position itself as a serious project with its own blockchain network and dApp ecosystem.
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