Shiba Inu (SHIB) Witnesses Optimistic Attention Despite Poor Performance
- SHIB’s price is falling, yet top Ethereum whales are still buying the cryptocurrency.
- A decline in Bitcoin’s price causes SHIB to give up most of its profits.
Investors are acquiring Shiba Inu despite the token’s recent decline. Seventy-seven percent of Coinbase investors have put SHIB on ‘buy,’ while just 23 percent have opted to keep it on ‘sell.’ Since March, SHIB’s purchasing pressure had not been above 70 percent, but today it reached 77 percent during the downturn.
Until September of last year, SHIB’s trade volume had only climbed by 90% until it surged by more than 1,000% in October. Shiba Inu’s ‘hold time’ has also grown, with investors hanging on to the token for an average of more than four months. An average SHIB hold duration of 133 days is now in place.
Whales in Action
SHIB’s price is falling, yet top Ethereum whales are still buying the cryptocurrency. ‘BlueWhale0073’ just spent $1.5 million purchasing 142 billion SHIB tokens. As prices plummet, whales are taking advantage of buying tokens in bulk. SHIB, on the other hand, has yet to witness a significant price gain this year and has instead been trading in a range between flat and falling. Inability to break out of the weekly lows has sent the token to a new low.
A decline in Bitcoin’s price causes SHIB to give up most of its profits, and the reverse is true if BTC rises. Even though the market takes its own time to recover, a rapid rebound is not in the cards. According to CMC, the Shiba Inu price today is $0.000011 USD with a 24-hour trading volume of $238,435,140 USD. Shiba Inu has been up 2.18% in the last 24 hours.
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