Shiba Inu was the most popular crypto in new wallets over the past week, an on-chain analytics firm recently found. Banking was a boring subject for the Baby Boomer generation, but in the Internet of programmable money, finance is fun.
If asked to guess what they thought was the most popular first coin for new crypto adopters over the past week, many people would probably guess Bitcoin. But that doesn’t seem to be the case. Neither is it the number two crypto by market cap, the peer-to-peer network computer, Ethereum .On-chain data discovered by Nansen reveals the most popular non-stable coin digital asset for newly funded crypto wallets over the past seven days was Shiba Inu.
Over that period, Nansen clocked over $56 million in SHIB tokens flow into some 12,000 new wallets. The ERC-20 token was the most common crypto other than stablecoins to appear in these balances, according to Nansen.The pullback coincided with stock prices edging lower after running higher in January. Analysts and commentators widely pointed to disappointed economic data and more hawkish interest rate talk from the Fed as the reason for the rout.
The ancient Japanese dog breed, Shiba Inu, became the face of Dogecoin, the Bitcoin-forked PoW crypto that started as a joke. It went on to become one of the most highly capitalized cryptocurrencies in history and inaugurated the memecoin segment. Then DOGE even went on to inspire the Ethereum competitor.
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