Starter Crypto Investors Flocking to Shiba Inu Over Dogecoin: Nansen

Starter Crypto

At the time of writing, SHIB was trading at the price point of $0.000012 (roughly Rs. 0.000984).

As more individuals entered the market for virtual digital assets in the first 23 days of January, its worth soared from $800 billion back to the trillion-dollar threshold. According to a recent analysis by on-chain analytics company Nansen, Shiba Inu is the cryptocurrency of preference for beginners. Memecoin’s cheaper pricing compared to competitor Dogecoin may be enticing some investors.

According to a post on CryptoPotato citing statistics from Nansen, $56 million (approximately Rs. 455 crore) worth of SHIB tokens were transferred to over 12,000 cryptocurrency wallets during the last week.

At the time of writing, the SHIB price was $0.000012 (approximately Rs. 0.000984), up 0.86 percent over its previous value.

According to CoinMarketCap, there are now more than 549 trillion SHIB tokens in circulation, worth a total of $6.63 billion (approximately Rs. 53,999 crore).

The Shiba Inu ERC-20 token is the first cryptocurrency that has been widely traded on the Ethereum mainnet.

Memecoin has just emerged as a viable cryptocurrency option in India.

Starter Crypto Investors Flocking to Shiba Inu Over Dogecoin: Nansen

SHIB is accept by more Starter crypto-accepting firms, including AMC.

Shiba Inu’s founders are studying Web3 and blockchain sectors to expand the platform’s user base.

The SHIB coin’s designers hope to establish a Layer-2 Shibarium sidechain on the Ethereum mainnet to serve the SHIB ecosystem as the mother blockchain soon.

The SHIB team thinks that the Shibarium Layer-2 network would reduce transaction speeds, boost blockchain project development, and enable NFT integration into the SHIB ecosystem.

Shiberse, the Shiba Inu Metaverse, announce in October 2018. This real estate metaverse project lets people own Shiba Lands virtual land and develop avatars and games.

SHIB was release in August 2020, having the first develope as a joke alternative to Dogecoin.

As of October 25th, 2018, according to WatcherGuru, the SHIB token has risen to the position of eleventh most valuable cryptocurrency coin.


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