Shiba Inu was the most popular crypto in new wallets over the past week, an on-chain analytics firm recently found. Banking was a boring subject for the Baby Boomer generation, but in the Internet of programmable money, finance is fun.
If asked to guess what they thought was the most popular first coin for new crypto adopters over the past week, many people would probably guess Bitcoin. But that doesn’t seem to be the case. Neither is it the number two crypto by market cap, the peer-to-peer network computer, Ethereum (ETH).
On-chain data discovered by Nansen reveals the most popular non-stable coin digital asset for newly funded crypto wallets over the past seven days was Shiba Inu.
Over that period, Nansen clocked over $56 million in SHIB tokens flow into some 12,000 new wallets. The ERC-20 token was the most common crypto other than stablecoins to appear in these balances, according to Nansen.
Shiba Inu went through a slight correction, in line with the rest of the market.
The pullback coincided with stock prices edging lower after running higher in January. Analysts and commentators widely pointed to disappointed economic data and more hawkish interest rate talk from the Fed as the reason for the rout.
Wrapped Ether on Uniswap and ShibaSwap is the most dominant trading pair partner for SHIB by volume. But Binance holds the most Shiba Inu in SHIB balances.
There were recent misreports that Binance has delisted Shiba Ina.
The centralized crypto exchange only, however, delisted some trading pairs that included SHIB. The Dogecoin (DOGE) inspired Ethereum meme token is on Binance to stay.
The ancient Japanese dog breed, Shiba Inu, became the face of Dogecoin, the Bitcoin-forked PoW crypto that started as a joke. It went on to become one of the most highly capitalized cryptocurrencies in history and inaugurated the memecoin segment. Then DOGE even went on to inspire the Ethereum competitor.
Today SHIB enthusiasts are eagerly anticipating the recently announced Shibarium, an Ethereum layer 2 ecosystems for launching decentralized apps using SHIB as a native token
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