Nansen’s examination of on-chain data illustrates how risk-taking traders engage in the new year’s pump. Particularly regarding SHIB, even though the cryptocurrency market is still experiencing a terrible bear market.
Among cryptocurrency wallets recently receiving additional funds, the Shiba Inu token (SHIB) was one of the most popular purchases the previous week. According to Nansen, it was the most common non-stablecoin asset in over 12,000 new wallets. This information came from the cryptocurrency researcher. During that time, those wallets received deposits totaling $56 million.
SHIB newcomers may not own these wallets. On the contrary, a good number of them may be pass-through wallets that seasoned crypto traders own. It was still found in many of these new wallets than other cryptocurrencies.
Meme-coin Traders are digesting this week’s news of a Shiba Inu-themed layer 2, which has led to a more than 6% increase in SHIB over the past 24 hours. In addition to that, there have been additional indications of life in the cryptocurrency market throughout the past week. As recently as the 8th of January, the CoinDesk Bitcoin Price Index fell around $17,000; however, it has surged to approximately $21,000.
The vast majority of SHIB trades are carried out in wETH-SHIB liquidity pools on Uniswap and ShibaSwap, both versions of the token’s original decentralized exchange. Wrapped ether is the most popular trading pair for SHIB, accounting for 65% of the total liquid supply. BONE, the governance token for the Shiba Inu project, accounts for nearly a quarter of the total liquidity.
The percentage of the tokenheld on cryptocurrency exchanges remains stable at 22% week over week. Binance, the world’s largest cryptocurrency exchange, has the most SHIB of any other exchange. Crypto.com holds the second-highest amount. Notably, the total number of SHIB tokens deposited on Binance decreased by 1.6 trillion in the past week. In contrast, the number of tokens deposited on smaller exchanges such as OKX has increased.
