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Shiba Inu bulls recently procured a substantial amount of the dog-themed token as the recent recovery finally flips October green.
Data from on-chain intelligence resource IntoTheBlock confirms that the Shiba Inu bulls (addresses who traded up to 1% of the 24-hour volume) procured 2.95 trillion SHIB tokens in a single day. This buy volume, which occurred on Oct. 16, is worth $53 million at an average price of $0.00008 per SHIB.
Shiba Inu Sees Rise in Buy Volume
Notably, the volume represents about 0.5% of the Shiba Inu circulating supply, indicating the significance of the development. Such extreme buy volumes typically signal an increase in interest from market participants, a move that could support the bullish momentum.
However, IntoTheBlock data reveals that this interest does not only skew toward the bulls, as sell volume saw an uptick on Oct. 16. Specifically, the bears (addresses who sold up to 1% of the 24-hour volume) dumped about 2.86 trillion SHIB worth $51.4 million that day.
Despite the similar surge in sale volume, Shiba Inu witnessed excess demand on Oct. 16, as investors bought more than they sold. Data indicates that this excess demand amounted to 81.41 billion SHIB, building on a similar bullish trend the previous day, which saw 201 billion tokens in excess demand.
Interestingly, the bulls had dominated the Shiba Inu market for five days, starting from Oct. 12, translating to the latest rebound push. The increased buy volume on Oct. 16 supported the recovery effort, leading to an intraday gain of 1.92%, with Shiba Inu eventually closing above $0.000018.
October Flips Green as SHIB Rebounds
Notably, SHIB’s recent recovery commenced after it dropped to a bottom of $0.00001605 on Oct. 10. The bulls mounted support at this low level, leveraging an ascending trend line that has sustained Shiba Inu’s pattern of higher lows since September.
Despite witnessing red and green days, Shiba Inu has continued to maintain higher lows since Sept. 18. This suggests that bullish momentum is building. The bulls have capitalized on this to push SHIB up 3.46% this morning, as it eyes the $0.000019 price territory.
Amid the rebound, October has turned green for Shiba Inu, with the meme coin now up 7.29% this month. This comes after SHIB experienced notable volatility at the start of the month, dropping by nearly 9% on the first three days.
Currently trading for $0.00001880, Shiba Inu bulls need to fervently defend the $0.00001719 Pivot level. Notably, a breach below this level could flip the momentum to bearish. On the upside, the first resistance lies at the $0.00002077 territory, with further roadblocks at $0.00002299 and $0.00002657.
Meanwhile, the IntoTheBlock GIOM metric confirms that SHIB is likely to face its fiercest resistance between $0.000024 and $0.000030, where 145,780 addresses hold 48.58 trillion tokens. An increase in buy volume could help the course when the bulls meet this level.
