Shiba Inu’s usage as smart contract spikes by more than 600%
Shiba Inu usage among whale addresses has increased over 600% in the past 24 hours as the crypto market faces a recovery, WhalesStats reports. Additionally, the USD value of SHIB’s whale stocks has increased to $1.4 billion.
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.
The interaction with the contract is not necessarily a purchase operation or even a transaction. The whale can use all the functions written in the contract, including the simple balance check function allowed by almost all cryptocurrency contracts 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
While the majority of cryptocurrencies in the market are recovering rapidly, Shiba Inu is also following the trend and gaining over 12% in value since yesterday. Positive movements in the market allowed the total value of Shiba Inu holdings on whale addresses to once again reach $1.4 billion, even without major buying events.
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.
