• Shiba Inu Becomes the Most Popular Smart Contract Among the Largest Ethereum Wallets

  • According to WhaleStats, following the unexpected but long-awaited listing of Shiba Inu on the Robinhood trading platform, whale activity toward the coin progressively increased as interactions with the token surged with buying activity.

    On-chain and market statistics for SHIB

    According to the token’s wallet-tracker page, whales were actively buying the token, causing increased usage of the Shiba Inu smart contract and making it the most used smart contract among the 2,000 largest Ethereum wallets.

    Aside from strong usage, market and on-chain indicators for Shiba Inu are also expanding, with the average balance on whale addresses climbing to 2.36 SHIB tokens and volume increasing by 436 percent to $53 million.

    The most significant gain is the net flow of Shiba Inu on whale addresses, which has increased by nearly 500%, showing that more tokens went into whale wallets than out, reflecting huge investors’ short- and mid-term bullishness.

    Volume and balances on whale addresses are also crucial indicators of overall optimistic mood among major purchasers. Positive trends are also evident in the value of the Shiba Inu holding, which recently surged to $1.3 billion, putting an old competitor, FTX token, in second place with $1.1 billion in tokens owned by whales.

    Market performance of Shiba Inus

    Unfortunately for its investors, SHIB is failing to recoup at least a portion of the losses it has sustained since November 2021. Shiba Inu is now trading at $0.000025, well below the ATH of $0.000088.

    Following the significant news of the Robinhood IPO, SHIB managed to gain roughly 24 percent of its value, which was insufficient to break through the 100-day consolidation channel.

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