Shiba Inu Bags ‘Most Popular Starter Crypto’ Title


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. 

How To Get Free Crypto  
Get 30 FREE SPINS at Punt Casino – NO DEPOSIT REQUIRED! Start Playing Now.

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. 

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
570% up to 12 BTC + 300 Free Spins for new players & 1 BTC in bonuses every day, only at Play Now!

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. 

Coinbase Banner  

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. 

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:

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.

FreeBitcoin Banner  

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

Go to Source
Author: Christian Encila

Recommended Crypto Services, Products and Strategies:

The first thing any crypto investor needs is is a reliable and secure Crypto Wallet.  Whether you’re looking for an online wallet, hardware wallet, desktop or mobile wallet, Crypto Renegade provides you with all the Best Crypto Wallets in each category.

Best Crypto Wallets Banner

When you’re ready to buy more crypto, or exchange your coins for others, Crypto Renegade’s list of the Best Crypto Exchanges has you covered.  The Crypto Exchanges recommended here offer everything from simplicity and convenience to advanced trading platforms and profit sharing. 

Best Crypto Exchanges Banner

If you want to learn more about the methods and tools that can be used to find Great Crypto Projects, then be sure to check out Crypto Renegade’s strategy for How To Find The Best Cryptocurrency.

Crypto Strategy Banner

For those people that don’t have any money to invest right now, or just want to understand the technology a bit more, you’ll definitely want to check out Crypto Renegade’s Free Crypto Strategy and start collecting Free Coins today!

Free Crypto Banner

What do you think about cryptocurrency? Do you have any questions about it? Be sure to leave a comment below.

This site uses Akismet to reduce spam. Learn how your comment data is processed.