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New Record Highs for Shiba Inu Buying Pressure

coinquora.com 29 May 2022 10:26, UTC
Reading time: ~2 m

A huge drop of more than 30% occurred in Shiba Inu around two weeks ago at the same time as Bitcoin plummeted below the $29,000 barrier. The token came dangerously close to putting a “zero” in the indexes, but it was able to avoid doing so as the market began to recover.

Despite this, investors are continuing to build up their holdings of cryptocurrency. On Coinbase, trading activity for SHIB has reached new heights as a result of 77% of investors placing it on “buy” and just 23% keeping it on “sell.”

Since March, SHIB’s purchasing pressure has been unable to exceed the 70% threshold. Nevertheless, the token achieved this milestone yesterday, hitting 77%. The most recent time that the trading volume of SHIB surged to 90% was in September of last year, only a few days before it skyrocketed by 1,000% in October.

The technical indicators for Shiba Inu provide more evidence of the pessimistic mood that is currently prevalent in the market since the asset has not yet recovered from the oversold region, transacting at 29.90 days ago. This contributes to the bearish pressure that is being exerted on the market.

In 2021, one of the cryptocurrencies that did the best was Shiba Inu (SHIB), which saw its value increase by 48,000,000%. The current price of Shiba Inu is $0.00001069, representing a 0.4% increase over the past 24 hours. However, according to CoinMarketCap, there has been a 40.98% decrease in the trading volume during the past 24 hours.

Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CoinQuora. No information in this article should be interpreted as investment advice. CoinQuora encourages all users to do their own research before investing in cryptocurrencies.

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