Shiba Inu has been making news in recent days as the token’s price rises with other altcoins. Recent developments would further strengthen the meme coin’s current market dominance.
Last week, Nansen, a crypto market research organization, declared Shiba Inu the most popular beginning cryptocurrency for newly filled wallets. According to a source, Nansen traced the flow of $56 million in SHIB into 12,000 newly created wallets.
This popularity can be related to the recent buzz surrounding Shibarium, which is about to be released. Shibarium is the ecosystem’s L2 solution, with built-in features that increase the utility of the token.
What Does This Mean for Shiba Inu Owners?
The Shiba Inu ecosystem has seen progress after development, even as fear, uncertainty, and doubt have grown as a result of many high-profile crypto crashes. Shiba Eternity, Shiba’s entry into the realm of GameFi, was one of the biggest developments.
The game was released in October 2022. However, the version that was released was not the blockchain version of the game, and as of this writing, there is no word on when it will be released. Shibarium, on the other hand, is almost ready for commercialization.
Shibarium is currently being polished, and the beta version is being used to show the community how the upgrade’s features will work once it is released. As a result, the ShibArmy is tremendously optimistic about SHIB’s long-term prospects.
This influx of new wallets packed with SHIB indicates that the buzz surrounding Shibarium has reached unprecedented heights. It is therefore critical to monitor whether these new wallets sell or not, as $56 million in SHIB is not small change.
This Level Should Be Monitored By Investors And Traders
The token is up 14% in the weekly time period as of writing, January 23rd, despite the bears countering the bullish trend from January 1st.
SHIB is now stabilizing above its current support level of $0.00001184. Investors and traders should keep an eye on whether the bears can break through this level, as a break of this support might spark a sell-off towards $0.00001047.
However, if the Shiba Inu bulls are successful in their consolidation attempts, we may see SHIB break over $0.00001293, wiping out the losses from the FTX drop.
With the impending launch of Shibarium, Nansen may see more new wallets accumulating SHIB, contributing to the token’s upward movement.
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