After Shiba Inu’s unpredicted however long-awaited listing on the behalf of Robinhood trading venue, whale operation toward the token has witnessed a significant gradual escalation as the token’s interactions elevated apart from purchasing operation, as reported by WhaleStats.
The market and on-chain data of SHIB
As pointed out by the token’s page regarding the wallet-tracker, an active attitude has been shown by the whales in purchasing the token, which has been resulted in the utilization of the smart contract of Shiba Inu, turning it into the most utilized smart contract throughout the 2,000 biggest Ethereum wallets.
Besides the skyrocketing usage of Shiba Inu, the on-chain and market-based data of the token is also presenting a gradual upward trend, with 2.36 SHIB as the increased average balance over whale addresses along with the increase in the volume by 436%, touching $53M. The additionally significant upturn in Shiba Inu’s net flow on whale addresses, having climbed sharply to nearly 500%, indicates that additional tokens were added into the wallet addresses of the whales, signifying the big investors’ short as well as mid-term bullishness.
Both the balances and volume on the addresses of whales are also counted as the significant metrics that demonstrate a commonly positive feeling among the big investors. Positive trends are also displayed in response to the holding value of Shiba Inu, which stepped forward and touched approximately $1.3B in recent days, placing a resilient competitor called FTX token at the second position with $1.1B as the worth of whales’ held tokens.
The spearheading market performance of Shiba Inu
It is quite unfortunate for the investors of SHIB that the meme-inspired token seems to be unsuccessful in recovering a minimum of a little portion of the losses that it has been undergoing since the November of the previous year. At this time, the present trading point of Shiba Inu is almost $0.000025, considered to be significantly lower than $0.000088 – the ATH (all-time high) of the token.
Following the reporting of noteworthy news regarding the listing of SHIB by Robinhood, the meme-based crypto token remained successful in adding up to 24% to the value. Nevertheless, this is not sufficient for it in terms of escaping the 100-day consolidation channel. But it is moving in the very direction and the community’s expectations are positive in this respect.
