CandleFocus

Shiba Inu Bulls Buy 2.95T SHIB Worth $53M in a Day as October Flips Green

Author: Content Editor
Shiba Inu bulls have acquired a significant amount of the SHIB token as its price recovers. On October 16, the bulls purchased 2.95 trillion SHIB tokens worth $53 million. This represents about 0.5% of the circulating supply and indicates increased interest from market participants. However, sell volume also increased on the same day, with bears dumping 2.86 trillion SHIB tokens worth $51.4 million. Despite this, Shiba Inu experienced excess demand as investors bought more than they sold, leading to a rebound in the token's price. The recovery began after SHIB dropped to a bottom of $0.00001605 on October 10. The token has since maintained higher lows since September, suggesting bullish momentum is building. In October, SHIB has gained 7.29%, but it needs to defend the $0.00001719 level to avoid a bearish shift in momentum. Resistance levels lie at $0.00002077, $0.00002299, and $0.00002657, with the strongest resistance expected between $0.000024 and $0.000030.

Related News