Shiba Inu (SHIB) has become the most used smart contract by the largest Ethereum wallets

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After the unexpected but at the same time long-awaited list of Shiba Inu (SHIB) By trading platform Robinhood, whale activity towards the coin gradually increased as interactions with the token increased in addition to purchase activity, according to WhaleStats.

On-chain and market data for SHIB

As the token page on the wallet tracker suggests, the whales were actively buying the token, leading to increased use of the Shiba Inu smart contract and making it the most used smart contract among the 2,000 biggest ethereum wallets.

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

The most important increase is the net flow of Shiba Inu in whale addresses, which has spiked by nearly 500%, suggesting that more tokens flowed into whale wallets than out, signaling short- and medium-term optimism from big investors.

Both volume and balances on whale addresses are also important metrics showing generally positive sentiment among big buyers. The positive trends are also reflected in the holding value of Shiba Inu (SHIB)which surged to $1.3 billion recently, putting an old competitor, the 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 not recouping at least a small portion of the losses it has suffered since November 2021. At press time, Shiba Inu is trading at $0.000025, which is well below the ATH of $0.000088. .

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

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