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68% of Shiba Inu (SHIB) Order Volume on Market Are Buys, Data Shows

Thu, 02/16/2023 - 10:18
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Arman Shirinyan
Shiba Inu heavily tilted toward bulls, but it might not be for long
68% of Shiba Inu (SHIB) Order Volume on Market Are Buys, Data Shows
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Shiba Inu (SHIB), the meme-based cryptocurrency, has seen an increase in buying-side volume, indicating that the token is becoming more attractive among investors. This development comes despite the recent drop in the price of SHIB, which investors seem to be less concerned about.

Recently, SHIB experienced a return to the $0.000013 price level, which might have contributed to increased demand for the token. However, other indicators such as large transactions and profitability are currently bearish.

SHiba Inu chart
Source: TradingView

Despite these bearish indicators, the buying side volume of SHIB has seen a significant increase, suggesting that investors are becoming more interested in the token. This can be seen as a positive sign for SHIB, as it indicates that the market sentiment toward the token is improving.

SHIB is known for its high volatility, as the token's price has experienced several large fluctuations in the past. This has led some investors to approach the token with caution, as its price performance can be unpredictable. However, the recent increase in buying-side volume suggests that investors are becoming more confident in the token's potential.

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Overall, the increase in demand for SHIB is a positive development for the token, as it indicates that investors are starting to see it as a more attractive investment option. However, it is important to note that meme assets like SHIB are highly volatile, and investors should remain cautious, especially during periods of volatility spikes.

At press time, Shiba Inu is losing 0.5% in the last 24 hours. From a technical perspective, Shiba Inu broke the local downtrend, potentially setting up for a further reversal.

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About the author

Arman Shirinyan is a trader, crypto enthusiast and SMM expert with more than four years of experience.

Arman strongly believes that cryptocurrencies and the blockchain will be of constant use in the future. Currently, he focuses on news, articles with deep analysis of crypto projects and technical analysis of cryptocurrency trading pairs.