SHIB Is a Favorite Holding Among New Crypto Wallets, Nansen Shows

The meme coin is the most popular non-stablecoin asset for newly funded wallets.

AccessTimeIconJan 18, 2023 at 11:09 p.m. UTC
Updated May 9, 2023 at 4:06 a.m. UTC

While it remains a brutal bear market in crypto, Nansen’s analysis of 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 a favorite purchase among newly funded crypto wallets. SHIB was sent to over 12,000 fresh wallets, making it the most common non-stablecoin asset to appear in their balances, according to Nansen. Those wallets saw $56 million in SHIB inflows over that period.

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  • These wallets aren’t necessarily controlled by first-time SHIB buyers; on the contrary, many may be pass-through wallets belonging to crypto-trading veterans. Regardless, SHIB showed up in far more of these new wallets than did other cryptos.

    Meme coin SHIB is up more than 6% over the past 24 hours as traders digest this week’s news of a shiba inu-themed layer 2. 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 Jan. 8, has roared 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, comprising 65% of available liquidity. Nearly a quarter of liquidity comes via BONE, the Shiba Inu project’s governance token.

    Week over week, a steady 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 second highest. Notably, Binance’s total SHIB deposits have dropped by 1.6 trillion tokens in seven days, while smaller exchanges such as OKX have seen their deposits increase.

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    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

    Danny Nelson

    Danny is CoinDesk's Managing Editor for Data & Tokens. He owns BTC, ETH and SOL.


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