Shiba Inu is the Most Sought-after Crypto Among New Wallets

Sahana Kiran
Shiba Inu
Source – Unsplash

The cryptocurrency industry was seen turning over a new page in 2023. Cryptocurrency enthusiasts, however, seemed to be inclined toward one particular coin. Shiba Inu [SHIB], emerged from the bearish trap and lured several into its ecosystem.

According to a recent analysis by Nansen, Shiba Inu has been a popular asset among new crypto wallets. Throughout the last seven days, SHIB has been increasingly purchased by these entities. The asset was reportedly acquired by nearly 12,000 new wallets and these units witnessed SHIB inflows worth $56 million throughout the week.

Shiba Inu was cited as the only non-stablecoin asset that showed up in the balances of these wallets. However, it should be noted that these may be pass-through wallets owned by seasoned cryptocurrency traders rather than being in the hands of new SHIB purchasers. Nevertheless, SHIB appeared in a lot more of these new addresses than other cryptocurrencies.

Additionally, Shiba Inu is also the most traded cryptocurrency among large Ethereum whales. These major holders have an average of 505 billion SHIB or 16.87% of the total amount of investment owned by these investors.

At press time, the holder count of Shiba Inu was on the rise to beat its all-time high of 1,284,709. SHIB’s total addresses soared to a high of 1,284,449 with 14,645 daily active addresses.


Shiba Inu endures an 11% daily drop amidst its hot streak

Meme coins attracted attention after Dogecoin [DOGE] and SHIB were pocketing gains yesterday. Sadly, this trend did not persist. At press time, the meme crypto recorded an 11% plummet over the last 24 hours. Shiba Inu was trading for $0.00001117 and had dipped from a high of $0.0000127, earlier today.


Despite this decline, the daily trading volume of the asset rose by 34% to $1,031,965,614.