Main navigation

6.4 Trillion Shiba Inu (SHIB) Bought in One Week — But Is There Catch?

Sun, 04/30/2023 - 13:15
article image
Gamza Khanzadaev
Shiba Inu bulls go all-in with 6.4 trillion SHIB bought this week; however, it is not all so clear-cut
6.4 Trillion Shiba Inu (SHIB) Bought in One Week — But Is There Catch?
Cover image via

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

Read U.TODAY on
Google News

According to crypto intelligence portal IntoTheBlock, more than 6.4 trillion Shiba Inu tokens were purchased by large crypto market participants during the past week. Wednesday was the most active day, with 1.39 trillion SHIB tokens purchased. So far, the number of big buyers' addresses in Shiba Inu stands at 124. This number includes those addresses that traded at least 1% of Shiba Inu's total trading volume.

However, things are not as smooth around Shiba Inu as the first paragraph might suggest. The number of SHIB sold by big players is believed to be 6.5 trillion tokens, which is 100 billion more than what was bought. And the number of addresses of such big sellers is 149.

Shiba Inu (SHIB) Trend Reversal Incoming? Here's Why

At the same time, at the end of the week, the SHIB price is showing a 1% decline at the time of writing, which is not really significant. However, it is important to keep in mind that the weekly extremes were set at 5% both down and up from the opening price.

Thus, it can be concluded that the outperformance of bears over bulls by 100 billion SHIB did not have a significant impact on the token price. The week was turbulent for Shiba Inu, as it was for the entire crypto market, and at different times the initiative in trading shifted from sellers to buyers and back again.

article image
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.