Shiba Inu Records Third Highest Activity on Ethereum in the Last 7 Days

Per data from the Ethereum blockchain statistics Etherscan, the Shiba inu token was among the top three most used tokens on Ethereum. $SHIB is currently at the 13th position on the market capitalization rankings. In the last 24 hours, the digital asset has seen its trading volume grow by over 100%, amid the struggles that the crypto market has faced in recent days.

According to the data from Etherscan, $SHIB has surpassed most of the tokens on Ethereum in usage, falling behind only U.S. Dollar Coin USDC and Tether’s USDT. Shiba Inu recorded activity from about 78,000 users in the past week, with USDC 282K and USDT leading with 485K.

The Shiba Inu Trading Activity

$SHIB’s activity on the Ethereum network was closely followed by Wrapped Ether($WETH), which counted over 72K users and Polygon’s $MATIC with over 40K unique addresses.The usage of $SHIB could probably have boosted the trading volume that the token has now, which stands at $1.9T.

According to the Shiba inu team, the token had become the talk of the crypto world since it surpassed its ATH two months back. The digital asset is now trading at $0.000032, a 10% increase in the past intraday price.

However, according to trading statistics tracker website whalestats.com, $SHIB’s total transfer amount has gone down by almost $600M in the past 7 days. The stats also show that the token’s transfer count has faced the same fate, signalling low activity across the blockchain at large. Whalestats.com places $SHIB as the most purchased token in the last 24H, followed by ETH and USDC.

$SHIB’s Current Trend in the Crypto Market

Recent reports indicate that Shiba Inu’s popularity among whales had reached a one-month low with a transaction count dropping below 200.The number of unique receivers and senders also had gone low, with eight addresses being unique receivers and seven large addresses being unique senders. The total volume of transacted funds remains at three million $SHIB tokens, which equals approximately $100.

$SHIB has faced a couple of challenges, as it has lost more than half of its previously gained value. But on the bright side, the bearish rally has lost its momentum and, at press time, Shiba Inu has been trading in the range bound formed since Dec. 5.

Earlier this month, digital payments platform BitPay announced that its users could now pay and sell their products using $SHIB. The announcement could have aided the token’s current spike in price, but it is not determined whether the asset is now in a bullish phase. However, $SHIB’s use cases could continue to increase, seeing that the Shiba Inu network recently partnered with gaming platform Playside.