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Shiba Inu Becomes Most Used Smart Contract by Largest Ethereum Wallets

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Sun, 04/17/2022 - 14:57
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Arman Shirinyan
Shiba Inu gains more traction among whales, but it is still not enough for another rally
Shiba Inu Becomes Most Used Smart Contract by Largest Ethereum Wallets
Cover image via stock.adobe.com

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Following the unexpected yet long-awaited listing of Shiba Inu by Robinhood trading platform, whale activity toward the coin increased gradually as interactions with the token spiked in addition to buying activity, according to WhaleStats.

SHIB on-chain and market data

As the token's page on the wallet-tracker suggests, whales were actively buying the token, which caused increased usage of the Shiba Inu smart contract and made it the most used smart contract among the 2,000 largest Ethereum wallets.

In addition to high usage, market and on-chain metrics for Shiba Inu are also spiking, with the average balance on whale addresses rising to 2.36 SHIB tokens and volume increasing by 436%, reaching $53 million.

Shiba Inu Data
Source: WhaleStats

The more important increase is the net flow of Shiba Inu on whale addresses, which has spiked by almost 500%, suggesting that more tokens flowed into whale wallets than out, indicating the short- and mid-term bullishness of large investors.

Both volume and balances on whale addresses are also important metrics that show generally positive sentiment among large buyers. Positive tendencies are also being reflected on the value of the Shiba Inu holding, which increased to $1.3 billion recently, putting an old competitor, FTX token, in second place with $1.1 billion worth of tokens held by whales.

Shiba Inu market performance

Unfortunately for its investors, SHIB is failing to recover back at least a small part of the losses it suffered since November 2021. At press time, Shiba Inu is trading at $0.000025, which is far below the ATH of $0.000088.

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After the big news about the Robinhood listing, SHIB managed to gain around 24% to its value, which was not even enough for the breakout of the 100-day consolidation channel.

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About the author

Arman Shirinyan is a trader, crypto enthusiast and SMM expert with more than four years of experience.

Arman strongly believes that cryptocurrencies and the blockchain will be of constant use in the future. Currently, he focuses on news, articles with deep analysis of crypto projects and technical analysis of cryptocurrency trading pairs.