- 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.
Learn more about the latest developments in memecoins: