Shiba Inu Bags ‘Most Popular Starter Crypto’ Title, According To This On-Chain Analytics
Shiba Inu has been making headlines in the past few days as the token climbs in price withal 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 spritz into 12,000 newly made wallets.
This popularity can be attributed to the recent whoosh virtually Shibarium which is nearing its launch. Shibarium is the ecosystem’s L2 solution with seated features that would requite the token increasingly utility.
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What Does This Mean For Shiba Inu?
The Shiba Inu ecosystem has been going through minutiae without minutiae plane 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 when 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 tropical to hitting the unshut market.
Shibarium is currently in its finishing touches, with the beta version stuff used as a way to introduce the polity to how the upgrade’s features would work when it inevitably launches. Because of this, the ShibArmy is extremely bullish well-nigh the long-term prospects of SHIB.
This in-flow of new wallets stuff filled up with SHIB is a sign that the hype virtually 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 vellicate from here
Will be writing a thread well-nigh 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 plane as the bears countered the bullish momentum from January 1st.
Currently, SHIB is consolidating whilom its current support at $0.00001184. Investors and traders should watch if the bears are worldly-wise to unravel through this level as any unravel of this support could trigger a sell-off towards $0.00001047.
However, if the Shiba Inu bulls are successful in their consolidation efforts, we might see SHIB have a transilience whilom $0.00001293 which can wipe the losses post-FTX collapse.
With the nearing launch of Shibarium, Nansen might see increasingly new wallets stook SHIB, remoter subtracting to the upward motion of the token.
Featured image by Seeking Alpha