SHIB ranks among most used smart contracts
According to whalestats Data, the Shiba Inu’s usefulness among whales has risen in the last 24 hours as it moves back under the radar. This comes as SHIB ranks among the top 2,000 most-used smart contracts among ETH whales.
The market is experiencing selling pressure in the wake of recent happenings within and outside the cryptocurrency industry. SHIB is likewise down 5.09% at $0.00000815.
Following a period of adverse market conditions through 2022, an interesting trend has emerged in the market: retail activity may be declining, but large holders, or “whales,” continue to rise. In recent months, SHIB has seen a rise of new whales.
Markets are usually cyclical, with extreme phases of euphoria and depression. Typically, euphoric episodes result in peaks fueled by retail money, and prolonged depression culminates in the market bottoming out, at which point smart money enters.
According to WhaleStats data, the average SHIB balance of the top 100 SHIB holders was up slightly over the past 24 hours, suggesting accumulation.
SHIB large transactions up 58%
Because blockchain-based transactions are transparent, watching whales can reveal hints about potential moves before they occur, allowing market participants to act strategically and position themselves to profit once the movement occurs.
In this scenario, an increase in large transactions could point to a move by whales. According to on-chain analytics firm IntoTheBlock, large transactions are those that exceed $100,000 and are often indicative of whale activity, either buying or selling. According to IntoTheBlock data, there has been a 58% increase in large transactions.
For example, the percentage of SHIB “hodlers,” or long-term investors who have held their tokens for more than a year, has risen to 58%.
