The Shiba Inu is now the most widely used smart contract among the world’s largest Ethereum wallets
Following the currency’s surprise but long-awaited placement on the Robinhood trading platform, whale activity toward the coin progressively escalated as interactions with the token surged in tandem with purchasing activity, according to WhaleStats.
As the token’s wallet-tracker website indicates, whales were aggressively purchasing the token, which boosted the utilization of the Shiba Inu smart contract and elevated it to the top spot among the top 2,000 Ethereum wallets.
Along with increased use, Shiba Inu’s market and on-chain metrics are improving, with the average balance on whale addresses climbing to 2.36 SHIB tokens and volume jumping 436 percent to $53 million.
The most significant gain is in the net flow of Shiba Inu tokens to whale addresses, which has increased by about 500 percent, showing that more tokens have flowed into whale wallets than out, reflecting huge investors’ short- and medium-term bullishness.
Volume and balances on whale addresses are also critical indicators of the widespread optimism among major purchasers. Positive trends are also evident in the value of the Shiba Inu holding, which recently surged to $1.3 billion, surpassing an old rival, the FTX token, which is held by whales for $1.1 billion.
Regrettably, for investors, SHIB has been unable to recoup even a tiny portion of the losses sustained since November 2021. Shiba Inu is now trading at $0.000025, much behind its all-time high of $0.000088.
Following the significant news of the Robinhood IPO, SHIB gained around 24% of its value, which was insufficient to trigger the breakout of the 100-day consolidation channel.