SHIB favored by new wallet owners

SHIB token is becoming the most popular non-stablecoin among new crypto wallet owners.

Shiba Inu (SHIB) is the preferred cryptocurrency among new crypto wallet owners, according to a report by crypto analytics firm Nansen.

The token is dubbed a “joke” by some crypto experts but is still used as a storage of value by big industry players, including Crypto.com.

SHIB was sent to more than 12,000 fresh wallets, Nansen said, with the average value of the total transactions during the surveyed period standing at $56m.

Nansen remarked that SHIB is in fact the most common non-stablecoin asset to appear in new crypto wallet balances.

SHIB trades these days take place through wETH-SHIB liquidity pools on Uniswap and ShibaSwap.

The latter is the token’s native decentralized exchange which is used to trade the bulk of the tokens in circulation and is generally seen as a weathervane for the SHIB industry.

SHIB’s current value has been impacted positively by the fact that Bitcoin is also resurgent, and SHIB tends to swing up and down the value market the way the mainstream cryptocurrency moves.

Presently, the most SHIB supply is not stored at the native exchange, but rather Binance.

SHIB has not always made the news in a good way. A crypto wallet that was linked to the Squid Games fake token, SQUID, has been traced to a sizable purchase of SHIB tokens.

Some suggested at the time that the SHIB was purchased to manipulate or undermine its value, undoubtedly for the gain of the same nefarious parties that pulled the rug on SQUID investors several months before.

Regardless, SHIB remains a preferred option among new crypto owners, Nansen’s study states.

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Written by Alex

Reporter

Alex is a well-rounded crypto writer who focuses on general market and legal developments. His main interest lies in how crypto gaming can become a more permanent part of the gaming landscape and how blockchain holds benefits to players they are not even aware of.

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