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Trillions of Shiba Inu Tokens Snapped Up as SHIB Price Hits Turning Point

Sun, 05/21/2023 - 11:27
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Gamza Khanzadaev
Bullish investors acquire 26 trillion SHIB as price of Shiba Inu token reaches key level
Trillions of Shiba Inu Tokens Snapped Up as SHIB Price Hits Turning Point
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Shiba Inu token purchases by large market participants totaled 26.2 trillion SHIB in the past week, according to cryptocurrency intelligence portal IntoTheBlock. The data only takes into account addresses whose SHIB turnover accounted for at least 0.1% of the token's total daily trading volume.

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Sales by large participants during the week were also counted in the tens of trillions, but their aggregate number was almost 300 billion SHIB less. Nonetheless, the number of addresses of large sellers exceeds the number of no less large buyers of the Shiba Inu token by three.

Make it or break it

As you can see from the balance of purchases and sales, the initiative in SHIB is now on the side of bulls. This can be considered logical, given the price action of the Shiba Inu token.

SHIB to USD by CoinMarketCap

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After the price of SHIB updated its minimum of this year, consolidation on the bottom came, which in general is a favorable period for an entry by large capital. Moreover, entering a deal on the local bottoms is an attractive option from the risk and reward viewpoint.

As long as the SHIB price continues to move sideways, we can expect bulls to continue to dominate. However, if the price does not show growth in the near future, or worse, renews the low of $0.00000832, we can say that the Shiba Inu token "broke it."

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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.