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© Reuters Shiba Inu (SHIB) stands out as the top choice among new crypto wallets
  • (SHIB) has restored its key resistance line of $0.00001.
  • Recently, SHIB overtook LTC and DOT by global market capitalization.
  • Research reveals that Shiba Inu will be the top choice for new wallets in 2023.

The great New Year bull run captured the hearts of retail investors, as the global crypto market capitalization surged back to over $1 trillion. Indeed, memecoins play a key role in the recent bullish altcoin trend, 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 company highlighted the TOP 10 winners of all time, only to reveal that the two biggest whales bet on SHIB, even though the top crypto trader sold the memecoin canine just four months before he hit his all. -high time (ATH).

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SHIB floats above the key resistance line

SHIB reclaimed the crucial resistance level of $0.00001 around midnight on January 14, 2023. The memecoin had reached this level for the first time since early November 2022 when dog-themed cryptocurrencies resumed the altcoin rally in because of Elon Musk’s Twitter purge.

At press time, the #15 ranked memecoin is trading at $0.00001121, according to CoinGecko. Despite falling 7.1% in the past 24 hours, SHIB is still floating above the resistance line, forming a bullish-to-bearish signal ratio of 3:2 for the ERC-20 token.

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

on the reverse

  • Only 16% of current holders are making a profit, according to crypto analytics tool IntoTheBlock.
  • However, the metric rose 20.43% in 2023, just 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. Therefore, new SHIB Tokens products can significantly accelerate crypto adoption.

Learn more about the latest developments in memecoins:

(DOGE) becomes greener with a 25% lower carbon footprint

Can Bonk (BONK) overtake rivals Shiba Inu (SHIB) and Dogecoin (DOGE)?

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