SHIB Surges as Traders Take Risks Despite Bear Market

• SHIB was sent to over 12,000 new wallets in the past seven days, making it the most common non-stablecoin asset to appear in their balances.
• The wallets saw $56 million in SHIB inflows over that period, making it a favorite purchase among newly funded crypto wallets.
• SHIB is up more than 6% over the past 24 hours, and the CoinDesk Bitcoin Price Index has risen from $17,000 to around $21,000.

The cryptocurrency market has been incredibly volatile in recent months, with prices of digital assets rising and falling drastically. Despite the overall bear market, there is one asset that has seen significant inflows recently: SHIB, the meme coin. According to Nansen’s analysis of on-chain data, SHIB has been the most popular non-stablecoin asset for newly funded wallets over the past seven days.

In the past week, SHIB was sent to over 12,000 new wallets, resulting in over $56 million in SHIB inflows. This makes SHIB the most common non-stablecoin asset for newly funded wallets, indicating that traders are taking risks despite the overall bear market.

The news of a shiba inu-themed layer 2 may have contributed to the surge in SHIB, as the meme coin is up more than 6% over the past 24 hours. Additionally, the CoinDesk Bitcoin Price Index has also seen a resurgence, rising from $17,000 to around $21,000.

It’s clear that traders are willing to take risks in the current market, and SHIB is one of the assets they’re most interested in. With the current surge in SHIB and the overall cryptocurrency market, it remains to be seen how long the rally will last.

20. January 2023