While crypto remains a brutal bear market, Nansen’s analysis of on-chain data shows how risk-taking traders are participating in the New Year’s pump – particularly when it comes to SHIB.
For the past seven days, the Shiba Inu token (SHIB) has been a popular purchase among newly funded crypto wallets. SHIB has been sent to over 12,000 new wallets, making it the most common non-stablecoin 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 first-time SHIB buyers; On the contrary, many may be pass-through wallets owned by crypto trading veterans. Regardless, SHIB has appeared in far more of these new wallets than other cryptos.
Meme coin SHIB is up more than 6% over the past 24 hours as traders digest this week’s news on a Shiba Inu-themed Layer 2. Additionally, there have been other signs of life in crypto over the past week. The CoinDesk Bitcoin Price Index, which was still below $17,000 on Jan. 8, has bounced back to around $21,000.
Most SHIB trades are executed in wETH-SHIB liquidity pools on Uniswap and ShibaSwap, the token’s native decentralized exchange. Wrapped Ether remains the top trading pair for SHIB, accounting for 65% of available liquidity. Almost a quarter of the liquidity comes through BONE, the Shiba Inu Project’s governance token.
Week-over-week, 22% of SHIB’s circulating 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, Binance’s total SHIB deposits fell by 1.6 trillion tokens in seven days, while smaller exchanges like OKX saw their deposits surge.
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