SHIB Becomes 5th Most Called Smart Contract On Ethereum: Report

SHIB becomes 5^th most called smart contract on the Ethereum network thanks to its booming popularity, while also being the 7^th biggest gas burner as we are reading more in our latest altcoin news today.

It seems that the investors are more interested in the meme-coins now more than ever and its strong price action lured more skeptics on the market, with the latest reports showing some strong gains. The hype around the meme-coin Shiba Inu grew so much that it emerged as the fifth most called smart contract on the ethereum network and according to the latest data compiled on Dune Analytics, SHIB becomes 5^th most called smart contract on Ethereum, surpassing the likes of SwapRouter, SUDC, WETH tokens, and Uniswap. It is a few places behind the prominent NFT marketplace OpenSea and Uniswap V2 Router.

SHIB emerged as the 7^th biggest gas burner on the Ethereum network and the milestone is a result of the increase in network activity as well as the consumption of gas that surrounds the token that was recorded by TokenView’s Ethereum explorer.

Etheruem recorded another high on Tuesday and the new data showed that it burned more tokens than it minted and this trend has been ongoing for the past week so in other words, the network saw a net-negative inflationary week for the first time after the London hard fork. Shiba Inu had a play in it as well since, over the past week, the meme token burned a total of 127.15 ETH with industry giants Uniswap V2 router and Tether burning 525.28 ETH and 296,6 ETH respectively in the same timeframe. Thanks to the price rally, SHIB outpaced a few large-cap cryptocurrencies like DOGE.

As recently reported, Shiba Inu has taken the center stage according to Google Trends and the retail investors almost always play a huge role in the crypto space but it seems that they are yet to arrive on the BTC scene at least that is what Google trends data shows for the biggest cryptocurrency. It also seems that the retail traders have a new favorite, Shiba Inu. BTC and retail investors are moving hand in hand and back in 2017 when the crypto charted its ATH of $20,000, smaller investors were behind the rally. Something similar happened four years later when BTC hit its ATH in April and Google searchers as a valid indicator of retail behavior spiked once more.

Source: https://www.dcforecasts.com/altcoin-news/shib-becomes-5th-most-called-smart-contract-on-ethereum-report/