The majority of new and first-time cryptocurrency investors around the world are buying and accumulating Shiba Inu, according to Nansen data.
Nansen, the on-chain data analytics firm published a report recently showing that first-time investors have collectively purchased $56 million worth of SHIB tokens since 2022.
Shiba Inu has flown into nearly 12,000 new wallet addresses and all of them are touted to be first-time cryptocurrency investors. Therefore, SHIB is the most common token that new investors prefer to buy before learning more about the cryptocurrency industry.
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Why Are New Investors Buying Shiba Inu?
The majority of new and first-time cryptocurrency investors are buying Shiba Inu because it’s a low-hanging fruit that’s available for grabs.
SHIB is trading at less than a Cent and is among the most affordable cryptocurrencies available in the markets. A mere $10 could fetch an investor nearly 1 million SHIB tokens and the sheer number thrills the new investors.
In addition, Shiba Inu regularly makes the rounds in the news cycle attracting first-time investors along the way. The mainstream media outlets regularly carry pieces about SHIB and new investors eventually believe that they’re missing out (FOMO).
Stories of the Average Joe making millions with a mere $1,000 investment in SHIB regularly make headlines across mainstream outlets. You can read how an investor made $23 million with Shiba Inu here.
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Therefore, the majority of new and first-time investors chose SHIB as it’s affordable giving millions of tokens in return. They believe that when the token hits $0.01, their millions of tokens will turn into millions of dollars.
However, whether SHIB will reach the 1 cent mark or not in the long run, only time will tell.
At press time, SHIB was trading at $0.00001210 and is up 0.4% in the 24 hours day trade. SHIB is down 85.9% from its all-time high of $0.00008616, which it reached in October 2021.