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SHIB Is a Favorite Holding Among New Crypto Wallets, Nansen Shows
The meme coin is the most popular non-stablecoin asset for newly funded wallets.
By Danny Nelson
Updated May 9, 2023, 4:06 a.m. Published Jan 18, 2023, 11:09 p.m.
While it remains a brutal bear market in crypto, Nansen’s analysis of on-chain data highlights how risk-taking traders are participating in the new year’s pump – especially when it comes to SHIB.
Over the past seven days, the shiba inu token (SHIB) has been a favorite purchase among newly funded crypto wallets. SHIB was sent to over 12,000 fresh wallets, making it the most common non-stablecoin asset to appear in their balances, according to Nansen. Those wallets saw $56 million in SHIB inflows over that period.
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These wallets aren’t necessarily controlled by first-time SHIB buyers; on the contrary, many may be pass-through wallets belonging to crypto-trading veterans. Regardless, SHIB showed up in far more of these new wallets than did other cryptos.
Meme coin SHIB is up more than 6% over the past 24 hours as traders digest this week’s news of a shiba inu-themed layer 2. Beyond that, there have been other signs of life in crypto over the past week. The CoinDesk Bitcoin Price Index, which was below $17,000 as recently as Jan. 8, has roared back to around $21,000.
Most SHIB trades are executed in wETH-SHIB liquidity pools on Uniswap and ShibaSwap, the token’s native decentralized exchange. Wrapped ether remains the top trading pair for SHIB, comprising 65% of available liquidity. Nearly a quarter of liquidity comes via BONE, the Shiba Inu project’s governance token.
Week over week, a steady 22% of SHIB’s circulating supply is parked on crypto exchanges, with Binance, the world’s largest exchange, holding more SHIB than any other; Crypto.com is second highest. Notably, Binance’s total SHIB deposits have dropped by 1.6 trillion tokens in seven days, while smaller exchanges such as OKX have seen their deposits increase.
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