Shiba Inu (SHIB): Crazy Speculators’ New Favorite Cryptocurrency?

Memcoins are still popular – between the original joke Dogecoin (DOGE) and the long-toothed newcomer Shiba Inu (SHIB), there is a race to see who will grow up faster to please the fans of memes based on memes. , depending on taste). Clearly, the recent bullish rebound in the crypto market has attracted more speculators to the side of SHIB.

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Many new puppies (wallets) for Shiba Inu

Once the markets improve, some crypto assets will become the subject of intense speculation. Memcoins in particular, as their value can increase almost as fast as before.

Even though today it has lost almost -86% of its value from its October 2021 high, SHIB token has still reached +46% in the last 30 days. A real roller coaster that should be reserved for experienced traders with a strong heart.

Either way, one thing is for sure, the Shiba Inu has a knack for attracting thrill-seekers. As shown in Nansen’s recent network activity report, the SHIB network has the most new wallet addresses in the last week.

In those 7 days, SHIB took over 12,000 new digital wallets. They placed more than $56 million worth of project tokens. Obviously, this does not necessarily mean that there will be the same number of newcomers, since the same investor may well hold several addresses / wallets (and vice versa, one wallet can be owned by several people). In any case, there were more of them than on bitcoin (BTC), which, nevertheless, is the main crypto asset of the market (at least the most valuable one).

If Dogecoin is often talked about through Elon Musk, Shiba Inu is betting on his promise to launch a second layer (layer-2) network based on Ethereum (ETH). This project, called Shibarium, is attracting a lot of people because it allows decentralized finance (DeFi) and non-fungible tokens (NFT) to be used in the Shiba Inu ecosystem, among other things.

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