Shiba Inu gains more traction among whales, but it is still not enough for another rally
Following the unexpected but long-awaited listing of Shiba Inu by trading platform Robinhood, whale activity towards the coin gradually increased as interactions with the token increased in addition to buying activity, according to WhaleStats.
SHIB on-chain and market data
As the token’s page on the wallet-tracker suggests, whales were actively buying the token, which caused increased usage of the Shiba Inu smart contract and made it the most used smart contract among the 2,000 largest Ethereum wallets.
In addition to high usage, market and chain metrics for Shiba Inu are also increasing, with the average Whale Address balance reaching 2.36 SHIB tokens and volume increasing by 436%, reaching $53 million.
The more important increase is the net flow of Shiba Inu on whale addresses, which has spiked by almost 500%, suggesting that more tokens flowed into whale wallets than out, indicating the short- and mid-term bullishness of large investors.
Whale address volume and balances are also important metrics that show generally positive sentiment among heavy buyers. Positive trends are also reflected in the value of the Shiba Inu holding, which recently increased to $1.3 billion, putting former competitor FTX token in second place with $1.1 billion in tokens held. by whales.
Shiba Inu market performance
Unfortunately for its investors, SHIB is failing to recover back at least a small part of the losses it suffered since November 2021. At press time, Shiba Inu is trading at $0.000025, which is far below the ATH of $0.000088.
After the big news of Robinhood listing, SHIB managed to gain about 24% of its value, which was not even enough for the breakout of the 100-day consolidation channel.
