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1 Trillion SHIB Sold Off: Bearish Market Overtakes Shiba Inu Bulls

Sun, 04/09/2023 - 11:24
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Gamza Khanzadaev
Bearish trends overwhelm bullish hopes for Shiba Inu investors
1 Trillion SHIB Sold Off: Bearish Market Overtakes Shiba Inu Bulls
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As IntoTheBlock revealed, the number of Shiba Inu tokens sold outnumbered purchases by 37.11 billion and brought the total sales value in the last 24 hours to the 1 trillion SHIB mark. Seller pressure continues to be exerted on Shiba Inu from as early as Tuesday, and the delta between sales and purchases of the token is already 229.7 billion SHIB at that time.

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However, while the number of bears on Shiba Inu is rising, the number is still inferior to that of bulls during the week. Thus, since the beginning of April, the number of those who believe in an increase in the price of SHIB is 126 addresses, while those who bet on a decrease are 116. Given that IntoTheBlock only counts addresses that trade at least 1% of the total daily token volume, a difference of 10 of them is quite significant.

Shiba Inu (SHIB) price action

The shift of initiative from bulls to bears on Shiba Inu is also clearly visible on the token's price chart. From peaks set at the beginning of the week, SHIB price fell by 6.5% by the end of the week, dipping below $0.000011 again.

SHIB to USD by CoinMarketCap

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In the broader picture, SHIB continues to flounder in the middle of the price range with no obvious direction, as does the rest of the crypto market. That said, it is likely that this silence in volatility will be broken as early as next week on the back of the Fed's Open Market Committee meeting.

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About the author

Financial analyst, trader and crypto enthusiast.

Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master's program in banking and asset management.

He wants to have a hand in covering economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.