One trillion SHIB was sold off this week, revealing an increase in bearish pressure for the Shiba Inu token. According to IntoTheBlock’s analysis, the number of SHIB sold far outweighed purchases by 37.11 billion in the last 24 hours, and had accumulated to a total sales value of one trillion SHIB. Checking earlier in the week, the difference between sales and purchases was already 229.7 billion SHIB, giving insight into the market’s level of bearishness.
Despite this major influx of sales, the number of bulls is still greater than bears since the beginning of April by ten if IntoTheBlock’s count of each address trading one percent of the total daily volume is considered. Furthermore, the bearish momentum has made itself visible in Shiba Inu’s price trend, which dropped 6.5 percent from its peak on Monday, declining beneath the $0.000011 mark again.
The current state of the crypto market largely remains quiet and uncertain, leaving Shiba Inu in an approximate middle of the range. Nevertheless, it is expected that the forthcoming week will result in increased price volatility, particularly as the Federal Open Market Committee meeting takes place soon.
Sarah Walker
- 2023-04-09
Shiba Inu Token Experiences Bearish Pressure After Tillion SHIB Sold
This week, a trillion Shiba Inu (SHIB) tokens have been sold off, indicating a surge in bearish pressure on the token. Analysts have observed a differnce between sales and purchases of an overwhelming 37.11 billion SHIBS in a 24-hour window.
