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SHIB Seeing Surprising Utility for These Individuals, Here's Who They Are

Sat, 12/17/2022 - 14:36
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Tomiwabold Olajide
SHIB ranks among most used smart contracts
SHIB Seeing Surprising Utility for These Individuals, Here's Who They Are
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According to WhaleStats data, Shiba Inu's utility among whales has soared in the last 24 hours as it comes back under the radar. This comes as SHIB ranks among the most used smart contracts among the top 2,000 ETH whales.

The market is experiencing selling pressure in the wake of recent happenings within and outside the cryptocurrency industry. SHIB is likewise down 5.09% at $0.00000815.

In the aftermath of the adverse market conditions that have prevailed since 2022, an interesting trend has emerged in the market: retail activity may be declining, but large holders, or "whales," have continued to rise. In recent months, SHIB has seen an emergence of new whales.

SHIB Large Holder Volumes Jump 124% with Surprising Growth in User Base

Markets are usually cyclical, with extreme phases of euphoria and depression. Typically, euphoric episodes result in peaks fueled by retail money, and prolonged depression culminates in the market bottoming out, at which point smart money enters.

According to WhaleStats data, the average SHIB balance of the top 100 SHIB holders was slightly up in the last 24 hours, suggesting accumulation.

SHIB large transactions up 58%

Because blockchain-based transactions are transparent, watching whales can reveal hints about potential moves before they occur, allowing market participants to act strategically and position themselves to profit once the movement occurs.

In this scenario, an increase in large transactions might point to the whales' move. According to the on-chain analytics firm IntoTheBlock, large transactions are those that exceed $100,000 and are often indicators of whales' action, either buying or selling. Per IntoTheBlock data, large transactions are up 58%.

For example, the percentage of SHIB "hodlers," or long-term investors who have held their tokens for more than a year, has risen to 58%.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.