Shiba Inu Becomes Most Used Smart Contract by ETH Whales, Whales Resume SHIB Accumulation

After months of waiting and aggressive lobbying, the Shiba Army finally got their wish as American cryptocurrency trading platform Robinhood announced the listing of SHIB. Since the news, whale activity in Shiba Inu has seen a dramatic increase.

Shiba Inu Becomes Most Used Smart Contract by Ethereum Whales

Shiba Inu’s listing on Robinhood appeared to rekindle interest in the coin from the 2,000 largest Ethereum wallets. 

According to Ethereum wallet tracker, WhaleStats, following the reveal there was a spike in the accumulation of SHIB by Ethereum whales. Shiba Inu is now the most-held coin by the top 100 ETH wallets, which possess a cumulative $12.9 million worth of SHIB.

The net flow of Shiba Inu on whale addresses additionally spiked by more than 500% just days after its listing on Robinhood. The surge in whale activity has made Shiba Inu (SHIB) the most used smart contract among the 2,000 largest Ethereum wallets.

The latest wave of accumulation has increased the average balance of SHIB in Ethereum whale addresses to 2.362 billion tokens, making SHIB the 10th most active address among Ethereum whales.

Shiba Inu ETH Whale Metrics. Source; WhaleStats

On the Flipside

  • These positive events have not been reflected in Shiba Inu’s (SHIB) price, as the coin fell by a further 7% over the course of the previous day.

The 24 hour price chart for Shiba Inu (SHIB). Source: Tradingview

Why You Should Care

The accumulation of SHIB by whales has been interpreted as a bullish signal for Shiba Inu.

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed to be financial legal or tax advice. Trading Forex, cryptocurrencies, and CFDs poses a considerable risk of loss

Author

Milko is a DailyCoin reporter, mainly focused on Ethereum (ETH), Cardano (ADA), and their founders (Vitalik Buterin and Charles Hoskinson). Milko is an avid follower of crypto and blockchain technology and has written thousands of articles on the subjects. He finds joy in transforming complex issues into written content that anyone can understand. Milko has used and analyzed numerous exchanges, such as Coinbase, FTX, and Binance. He also closely follows all of the latest news around the largest decentralized exchanges (DEXs).