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Shiba Inu has been in the headlines for the past few days as the token’s price climbs along with other altcoins. The recent news would only complement the coin’s current dominant position in the market.

Nansen, a crypto market research firm, named Shiba Inu the most popular seed crypto for newly funded wallets last week. According to a reportNansen tracked a SHIB stream worth $56 million in 12,000 newly created wallets.

This popularity can be attributed to the recent buzz surrounding Shibarium which is nearing its launch. Shibarium is the ecosystem’s L2 solution with built-in features that would make the token more useful.

NansenImage: Cryptoslate

Related Reading: CoinDesk may have Cardano founder Charles Hoskinson as a potential buyer

What does this mean for Shiba Inu?

The Shiba Inu ecosystem has gone through development after development even as fear, uncertainty and doubt grow due to multiple high level meltdowns in the crypto world. One of the major developments was Shiba’s entry into the world of GameFi with Shiba Eternity.

The game was launched in October 2022. However, the version that was launched was not the blockchain version of the game and at the time of writing there is still no information on when it will be launched. Shibarium, on the other hand, is about to hit the open market.

shiba inus

Image: WBUR

Shibarium is currently in the finishing stages, with the beta being used to show the community how the upgrade’s features will work when it’s inevitable launch. Because of this, the ShibArmy is extremely bullish on SHIB’s long-term prospects.

This influx of new SHIB-filled wallets is a sign that the hype around Shibarium has reached a new level. It is then important to Track whether or not these new wallets sell for $56 million worth of SHIB is no small feat.

Investors and traders should watch this level

At the time of writing, January 23, the token is up 14% in the weekly time frame even as the bears countered the bullish momentum of January 1st.

Currently, SHIB is consolidating above its current support at $0.00001184. Investors and traders should watch if the bears are able to break through this level as any break of this support could trigger a sell-off towards $0.00001047.

Crypto total market cap at $999 billion on the daily chart | Chart:

However, if the Shiba Inu bulls are successful in their consolidation efforts, we could see SHIB break through above $0.00001293, which may erase losses after the FTX crash.

With the imminent launch of Shibarium, Nansen could see more new SHIB wallets piling up, further adding to the token’s upward movement.

Featured image by Seeking Alpha

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