The Shiba Inu is gaining popularity among whales, but it is yet insufficient for another surge.
According to WhaleStats, after the unexpected but long-awaited inclusion of Shiba Inu on the Robinhood trading platform, whale activity toward the coin progressively increased as interactions with the token surged alongside buying activity.
Whales were actively buying the token, as the token’s page on the wallet-tracker indicates, causing increased usage of the Shiba Inu smart contract, making it the most used smart contract among the 2,000 largest Ethereum wallets.
In addition to increased usage, SHIB’s market and on-chain metrics are skyrocketing, with the average balance on whale addresses growing to 2.36 SHIB tokens and volume rising by 436% to $53 million.
Whale address volume and balances are also crucial variables that indicate a generally bullish sentiment among large buyers.
Positive trends are also evident in the value of the SHIB holding, which recently surged to $1.3 billion, surpassing an old competitor, FTX token, which is held by whales for $1.1 billion.
Unfortunately for its investors, SHIB has not been able to recoup even a small portion of the losses it has sustained since November 2021. Shiba Inu is now trading at $0.000025, well below the ATH of $0.000088.
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