Shiba Inu (SHIB) Prevails as Top Choice Among New Crypto Wallets

SHIB becomes the breadwinner of this bull rally as many new crypto investors engross themselves in the canine coin.

Shiba Inu wearing a crown sitting on top of crypto wallets.
  • Shiba Inu (SHIB) restored its key resistance line of $0.00001.
  • Recently, SHIB surpassed LTC and DOT by global market capitalization.
  • Research reveals that Shiba Inu will be the top pick for new wallets in 2023.

The great bull run of the New Year won the hearts of retail investors, as the global crypto market capitalization shot back up to above $1 trillion. Indeed, memecoins play a key role in the recent bullish trend for altcoins, as seen with Solana’s memecurrency Bonk (BONK). However, Shiba Inu (SHIB) remains the go-to choice for new crypto investors, research by Nansen reveals.

On top of that, the crypto data analytics firm pointed out the TOP 10 gainers of all time, only to reveal that both largest whales made bank on SHIB, even though the top crypto trader sold the canine memecoin just four months before it hit its all-time high (ATH).

SHIB Floats Above Key Resistance Line

SHIB reclaimed the crucial resistance level of $0.00001 around midnight of January 14th, 2023. The memecoin had reached this level for the first time since early November of 2022 when dog-themed cryptocurrencies took over the altcoin rally due to Elon Musk’s Twitter Purge.

At press time, the #15th ranked memecoin trades at $0.00001121, according to CoinGecko. Despite dropping by 7.1% in the last 24 hours, SHIB still floats above the resistance line, forming a 3:2 bullish versus bearish signal ratio for the ERC-20 token.

Shiba Inu has been registering a constant growth in total wallet numbers even during the prolonged crypto winter of 2022, implying that the canine coin is often seen as a long-term investment. To illustrate, there has been an upward trend since the beginning of 2023, as the total wallet count spiked from 1,275,057 to 1,284,449 in the first three weeks, according to CoinMarketCap.

On the Flipside

  • Only 16% of current holders are making a profit, according to the crypto analytics tool IntoTheBlock.
  • However, the metric increased by 20.43% in 2023, right after SHIB erased a zero on its market price.

Why You Should Care

Shiba Inu is building a self-sufficient ecosystem through Shibarium, SHIB: The Metaverse, and Shiba Eternity. Hence, the new products from SHIB Tokens can significantly accelerate crypto adoption.

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Tadas Klimasevskis

Tadas Klimaševskis is a Lithuanian journalist at DailyCoin, specializing in covering the lighter side of the crypto industry such as memecoins and pop culture in the metaverse. He has experience as a music artist, English language teacher, and freelance writer, and uses his creative writing skills to summarize valuable information in his work. He is also a strong believer in the potential of blockchain and spends his free time listening to music, traveling, and watching basketball games.