New Crypto Wallets Received $56M Worth of Shiba Inu in a Week

Shiba Inu is The Most Popular Asset Among New Crypto Wallets.

Data from a Nansen report shows that new crypto wallets received $56M worth of SHIB in the past week, the highest for any non-stablecoin asset.

Shiba Inu (SHIB) remains a favorite among investors, as recent on-chain data reveals that the asset has been the most received non-stablecoin token among newly-activated crypto wallets in the past seven days. According to a Nansen report, SHIB was sent to over 12,000 new wallets in the past seven days, the highest for any non-stablecoin asset.

Despite their novelty, there is little evidence that suggests that these wallets actually belong to new crypto investors. Nonetheless, the fact that SHIB has been very common among them still indicates the asset’s growing popularity within the broader crypto scene. Data suggests that the highlighted 12,000+ wallets received up to $56M worth of Shiba Inu within a week.

The majority of trades involving SHIB have come from the Wrapped ETH (wETH) and SHIB pair, which appears to be the favorite among SHIB traders. The wETH/SHIB pair reportedly accounts for 65% of liquidity, with almost 25% liquidity ascribed to Bone ShibaSwap (BONE), Shiba Inu’s governance token.

The Nansen report is further supported by a cluster of SHIB whale movements involving newly-activated wallets, most of which have been highlighted by The Crypto Basic in the past. On January 12, as Shiba surged by 8%, a new wallet received a whopping 3.3 trillion SHIB which was routed to several other new addresses. 

The Sustained Hype Behind Shibarium 

The interest in Shiba Inu within the crypto space continues to grow, owing to the project’s massive community and promising developments pumped into the scene. The much-anticipated launch of Shibarium has also contributed to the growing hype about the project, potentially triggering more demand. SHIB recently became the biggest holding among the top 100 ETH whales.

Last week, the development team released an elaborate blog article that aimed to demystify the Shibarium solution and provide more insight into expected features. One of these features includes a native NFT functionality which numerous proponents have been looking out for. The article also shared how community members can become Shibarium validators and delegators.

Meanwhile, like most assets in the scene, SHIB’s latest rally has been met with opposition from the bears. The asset is currently down 1.58% in the past 24 hours but has retained a 15.71% gain in the past week, making it the highest gainer in the past 7 days among the top 25 assets. SHIB is currently trading at $0.000012 as of press time.