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Hundreds of Billions of SHIB Define Week for Shiba Inu as Bullish

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Mon, 5/06/2023 - 15:08
Hundreds of Billions of SHIB Define Week for Shiba Inu as Bullish
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In an intriguing turn of events, the Shiba Inu token, SHIB, appears to be witnessing a shift in momentum favoring the bulls over the bears. This revelation comes to light with the analysis of data obtained from crypto intelligence portal IntoTheBlock.

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According to their statistics, large investors demonstrated their confidence in SHIB by acquiring a staggering 338.1 billion more tokens than they sold during the past week. Remarkably, these influential participants on the crypto market were responsible for a total weekly accumulation of 9.34 trillion Shiba Inu tokens.

However, despite this bullish surge, bears currently hold a slight advantage over bulls in terms of the number of addresses, with 143 addresses compared to 149. It is important to note that IntoTheBlock's assessment solely considers addresses that contribute at least 1% to the token's total trading volume.

Behind the scenes

The recent period of token price accumulation, spanning nearly a month, witnessed a decline in significant capital inflows for SHIB. Since mid-April, the price of the Shiba Inu token had been experiencing a relentless decline until it seemingly found stability around $0.0000083 in mid-May. Since then, SHIB has been trading within a narrow range, barely exceeding 6% of that level. Notably, this phase of consolidation has attracted substantial interest from major investors, who primarily took up long positions last week.

SHIB to USD by CoinMarketCap

As the token continues to navigate its price range, all eyes remain on the evolving dynamics between the bulls and the bears as they shape the future trajectory of SHIB.

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