Shiba Inu (SHIB) Emerges as Top Pick for New Investors

Vignesh Karunanidhi
Shiba Inu Investors Struggle as Just 9% Remain Profitable
Source: Mid-Day

Shiba Inu is a meme coin that has gradually risen to become one of the leading meme coins. Over time, it has garnered a sizable community of supporters. The surge in its price and several developments have contributed to the formation of a dedicated community often referred to as the “SHIB army.”

Also read: Worldcoin WLD Market Cap Surges to $350 Million, Price Doubles

According to the latest data from IntoTheBlock, SHIB is emerging as a popular cryptocurrency for new investors. IntoTheBlock’s indicator in question centers around analyzing the ratio of new addresses engaging in their initial transaction compared to the total number of active addresses on a specific day. By doing so, it provides valuable insights into the proportion of overall activity within the network that can be due to newcomers.

Shiba Inu investor interest surged from 30% to 65%

Data shows a surge from 30% to 65%, indicating a spike in new investors’ interest in Shiba Inu. However, the surge in interest doesn’t reflect in the price of Shiba Inu. According to CoinMarketCap data, SHIB is trading at $0.000007717, with a 0.27% surge in value over the last 24 hours.

SHIB has been affected by the recent slump in crypto prices, which witnessed BTC falling below $29,000. BTC has reclaimed the $29,000 price level as the whole crypto market trades in a neutral stance at press time.