After months of waiting and aggressive lobbying, the Shiba Army got their wish as the American cryptocurrency trading platform, Robinhood (NASDAQ:HOOD), announced the listing of SHIB. Following the listing, Shiba Inu saw a spike in whale activity.
Shiba Inu Becomes Most Used Smart Contract By Ethereum Whales
Shiba’s listing on Robinhood appeared to rekindle the interest from the 2,000 largest Ethereum wallets in the coin.
According to the Ethereum wallet tracker, WhaleStats, there was a spike in the accumulation of SHIB by Ethereum whales. Shiba Inu is now the highest-held coin by the top 100 ETH wallets, with $12.9 million worth of SHIB.
In addition, the net flow of Shiba Inu on whale addresses spiked by more than 500% days after listing on Robinhood. The surge in whale activity made Shiba Inu (SHIB) the most used smart contract among the 2,000 largest Ethereum wallets.
The latest accumulation has increased the average balance on Ethereum whale addresses to 2.362 billion SHIB tokens. Shib is now the 10th most active address among Ethereum whales.
Shiba Inu ETH Whale Metrics. Source; WhaleStats
On The Flipside
- The positive tendencies have not been replicated in Shiba Inu’s (SHIB) price as the coin falls by a further 7% in the last day.
The 24 hours price chart of Shiba Inu (SHIB). Source: Tradingview
Why You Should Care
The accumulation of SHIB by whales has been interpreted to be a bullish signal for Shiba Inu.