Cryptocurrency WhaleStats reports that whale accounts have been declining in the last 24 hours as the market has experienced a sharp recovery. Shiba Inu usage rate increased by 600%.
In addition, the dollar amount of tokens held by SHIB whales increased and reached $ 1.4 billion.
Whales Use SHIB Smart Contracts 600 Percent More
According to the data, the rate of using Shiba Inu smart contracts by addresses that can be classified as whales on the Ethereum network has increased by 600% in the last 24 hours.
This shows that, according to analysts, large addresses interact more with this cryptocurrency.
However, interacting with a contract does not always mean a purchase or even a transfer.
The whales in question may have used all the functions in the contracts. These functions include simple balance check interactions.
However, other data such as volume and net flow of whales show negative results compared to yesterday.
The volume value among the whales dropped by almost 100%, while the additional net flow was $16 million in negative territory.
Market Performance of Shiba Inu
Many coins in the cryptocurrency market are recovering quickly, and SHIB has joined them.
The world’s second largest cryptocurrency has gained 7.75% compared to yesterday at the time of this writing and is trading at $0.00002692.
As a result of the positive movement in the market, although there were no large purchases, the amount of SHIB in the hands of the whales reached 1.4 billion dollars again.
*Not investment advice.