SHIB Is One of the Favorite Stocks Among New Crypto Wallets, Nansen Shows

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While there remains a brutal bear market in crypto, Nansens’ analysis of the on-chain data highlights how risk-taking traders are participating in the New Year’s pump, especially when it comes to SHIB.

Over the past seven days, the Shiba Inu Token (SHIB) has been one of the favorite buys for newly funded crypto wallets. SHIB has been sent to more than 12,000 new wallets, making it the most common non-stable asset to appear in their balances, according to Nansen. These wallets saw $56 million in SHIB inflows during this period.

These wallets are not necessarily controlled by the first buyers of SHIB; on the contrary, many may be passing wallets belonging to crypto-trading veterans. Either way, SHIB has appeared in far more of these new wallets than other cryptos.

Meme-coin SHIB is up more than 6% in the past 24 hours as traders digest news of a shiba inu-themed Layer 2 this week. Beyond that, there have been other signs of life in crypto over the past week. The CoinDesk Bitcoin price index, which was below $17,000 as recently as January 8, has returned to around $21,000.

Most SHIB trades are executed in wETH-SHIB liquidity pools on Uniswap and ShibaSwap, the native decentralized token exchange. Wrapped Ether remains the top trading pair for SHIB, comprising 65% of available liquidity. Nearly a quarter of the liquidity comes from BONE, the governance token for Shiba Inu projects.

Week over week, 22% of circulating SHIB supply is parked on crypto exchanges, with Binance, the world’s largest exchange, holding more SHIB than any other; Crypto.com is the second highest. Notably, Binances’ total SHIB deposits fell by 1.6 trillion tokens in seven days, while smaller exchanges such as OKX saw their deposits increase.

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