There has been increasing investor optimism recently in the cryptocurrency token Shiba Inu (SHIB). This is evidenced by data from the IntoTheBlock intelligence portal which reported a surge in the number of buyers over the past week. The portal reported that 200 billion more SHIB tokens were bought than sold by large investors and the weekly total of 14.7 trillion Shiba Inu tokens had been achieved by them.

However, as of today, the number of addresses of bears prevailed over bulls, 128 against 126. But, the increasing number of buyers is noteworthy as compared to the gap in the number of addresses of 10, last week. What is important to note here is that IntoTheBlock’s classification system depends on addresses that possess at least 1% of the token’s total trading volume.

The change in investor sentiment came when the SHIB price decreased by more than 10% in the seven days which was recorded to be the biggest intraweek drop since late February. Although the price dropped significantly, a buyback was initiated by bulls at the $0.00001 price level.

The recovery of Shiba Inu was seen a few months back in January, when it gained a astronomical 14400%, making it one of the biggest stories in the crypto world. The coin was launched in 2021 and is currently ranked 30th on CoinMarketCap, with a total market capitalization of over 15 billion dollars.

Overall, the data from IntotheBlock exhibited an upsurge in investor optimism as the Shiba Inu token is seeing more buying from major players, despite the brief intraweek drop in price. This buyers’ confidence could further contribute to the recovery of Shiba Inu in the upcoming days.



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