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Shiba Inu Smart Contract Usage Increases by 600% as Cryptocurrency Market Recovers

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Tue, 1/03/2022 - 13:58
Shiba Inu Smart Contract Usage Increases by 600% as Cryptocurrency Market Recovers
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Shiba Inu usage among whale addresses has increased by more than 600% in the last 24 hours, while the crypto market faces a recovery, WhaleStats reports. Additionally, the USD values of SHIB whale holdings have increased and reached $1.4 billion.

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According to the provided data, the usage of the Shiba Inu smart contracts from whale-tier addresses on the Ethereum network has increased by at least 600%, suggesting that large addresses are more actively interacting with the cryptocurrency.

Shiba Inu Market Data
Source: WhaleStats

The interaction with the contract is not necessarily a buying operation or even a transaction. The whale may use all functions written into the contract, including the simple balance check function allowed by almost any cryptocurrency contract on the blockchain.

It is also not disclosed if the interactions are being made by one contract or numerous entities. Additional metrics like volume and netflow, unfortunately, show negative data compared to yesterday's trading session. Volume among whales dropped by almost 100%, while netflow stays at a negative $16 million.

Shiba Inu market performance

With the majority of cryptocurrencies on the market rapidly recovering, Shiba Inu is also following the trend and gaining more than 12% of its value since yesterday. Positive movements on the market allowed the total value of Shiba Inu holdings on whale addresses to reach $1.4 billion once again, even with no major buying events.

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At press time, SHIB trades at $0.000026, which is the highest price of the token in the last nine days. The highest point Shiba Inu's price reached this year was $0.000035, which the market observed back in February.

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