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Shiba Inu (SHIB) Price Hits 6-Month Low, Data Signals High Buying Activity

Tue, 05/09/2023 - 11:43
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Gamza Khanzadaev
Shiba Inu sees surge in buying as SHIB price hits lowest point in half a year
Shiba Inu (SHIB) Price Hits 6-Month Low, Data Signals High Buying Activity
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After nearly four weeks of nonstop falling, the price of Shiba Inu token reached what is known as "FTX Low." We are talking about the price zone around $0.0000082 per SHIB, where the altcoin price was last at after FTX, one of the largest crypto exchanges, announced its insolvency in November last year.

SHIB to USD by CoinMarketCap

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During these six months, the price of SHIB managed to show a rise of 94% and then crashed to its absolute current lows again. This downturn has left many investors wondering whether the token is still a worthwhile investment.

A little bit of positivity

However, there are some positive signs amid the current market turbulence. As reported by IntoTheBlock, against the background of a radical decline in SHIB prices there is high buying activity on the part of large holders.

Thus, according to the data, since Sunday, the net inflow of large holders increased by 1.35 trillion SHIB. This signals that investors holding more than 0.1% of the Shiba Inu offering are currently accumulating the token.

14 Trillion Shiba Inu (SHIB) Might Be at Risk as Price Falls: Details

This is obviously not a panacea because the actions of this group of investors can be easily explained by the minimal risks that there are when buying in this area. Nevertheless, the fact that there is a buyer is certainly a positive sign.

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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.