12,000 New Wallets Bought $56 million SHIB for the Past Seven Days – Nansen

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  • $56 million worth of Shiba Inu (SHIB) stored in 12,000 new wallets in 3rd week of January, according to blockchain analytics firm Nansen.
  • Nansen calls SHIB the “most popular non-stable coin digital asset for newly funded crypto wallets”
  • Developers of SHIB announced beta testnet launch for upcoming layer 2 network, Shibarium, which will expand token’s utility and allow for new services such as NFT adoption and lower transaction fees.

Over $56 million worth of the popular meme coin Shiba Inu (SHIB) was stored in some 12,000 new wallets for the third week of January alone, along with stablecoins, blockchain analytics firm Nansen revealed.

$SHIB, which is the 15th token in terms of market cap, was up by 13.7% for the last seven days. It is currently trading at $0.00001213 (about ₱0.00066071).

With this, Nansen even called SHIB the “most popular non-stable coin digital asset for newly funded crypto wallets,” explaining that, though the 12,000 involved wallets are not necessarily owned by first-time SHIB hodlers, the token still showed up more often on newly created wallets than other crypto.

The analytics firm also shared that most SHIB trading pairs are with wrapped ETH, which comprises 65% of the available liquidity, and are mostly executed in the wETH-SHIB liquidity pools on Uniswap and ShibaSwap, the token’s native decentralized exchange.

Just a few weeks ago, the developers of SHIB announced the upcoming beta testnet launch for the upcoming layer two network, Shibarium

According to the team, the Shibarium launch is set to expand because the token will have a wider utility. The new layer will also allow for new services such as non-fungible token (NFT) adoption and lower transaction fees.

Through the launch of Shibarium, the SHIB ecosystem is expected to expand because the token, together with $BONE and $LEASH, will have a wider utility. The new layer will also allow for new services such as non-fungible token (NFT) adoption and lower transaction fees.

“We ask the community to please understand that this phased release is not a matter of wen but a matter of developing Shibarium correctly, and introducing it responsibly. Avoid asking ‘wen,’ because the answer will always be a ‘soon’. Yet with that being said, we are approaching the finishing touches for Shibarium’s Beta and its imminent launch,” the developers teased.

This article is published on BitPinas: 12,000 New Wallets Bought $56 million SHIB for the Past Seven Days – Nansen

Disclaimer: BitPinas articles and its external content are not financial advice. The team serves to deliver independent, unbiased news to provide information for Philippine-crypto and beyond.

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