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Shiba Inu Bulls Buy Back 2.5 Trillion SHIB as Price Loses 10%

Tue, 06/06/2023 - 12:10
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Gamza Khanzadaev
Bulls stage epic buyback of trillions of SHIB amid Shiba Inu price plunge
Shiba Inu Bulls Buy Back 2.5 Trillion SHIB as Price Loses 10%
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In a surprising turn of events, Shiba Inu token's recent price plunge saw an impressive buyback effort by the Shiba Inu bulls, who managed to acquire a staggering 2.49 trillion SHIB, according to crypto intelligence portal IntoTheBlock. By comparison, The number of Shiba Inu tokens sold by big players during the price dip was reported to be 2.58 trillion tokens.

SHIB to USD by CoinMarketCap

This unexpected buyback spree took place amid a general market shake-up caused by the news surrounding Binance and the SEC, leading to a 10% collapse in SHIB's price. Despite the setback, the bulls rallied and demonstrated their confidence in Shiba Inu. The multi-month low experienced by the price of Shiba Inu token was quickly met with a massive influx of buying activity.

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

Remarkably, the number of addresses associated with big buyers of Shiba Inu tokens stands at 146, slightly outnumbering the addresses of big sellers, which total 149. These figures consider addresses that engaged in trades accounting for at least 1% of Shiba Inu's overall trading volume. The presence of a high number of buyers compared to even higher sellers suggests mixed sentiment surrounding the token during recent market turbulence.

It can be inferred that the substantial 100 billion SHIB difference, favoring the bears over the bulls, had a noticeable influence on the token's price. The past week has been marked by turbulence for Shiba Inu, reflecting the overall volatility observed across the entire crypto market.

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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.