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Monday, March 4, 2024

Shiba Inu Records the Largest Purchase Volume in the Week

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Shiba Inu

  • Shiba Inu tokens have experienced a weekly surge in volume as large buyers dominated the market.
  • Influential investors purchased over 10.25 trillion SHIB in a week.

Shiba Inu (SHIB), the second largest memecoin, witnessed a surge in volume as large buyers took center stage, outpacing the selling pressure. In the past week, bulls marked an extraordinary milestone, with the volume of purchases by influential investors surpassing a staggering 10.25 trillion SHIB. On the contrary, the sales executed by the big bears fell short by 250 billion SHIB.

The cryptocurrency intelligence agency, IntoTheBlock, closely tracked the market activities and revealed that this period had recorded the huge trading volumes of this memecoin. Hence, the substantial influx of investments from large buyers propelled the token’s trading volume to unprecedented heights.

However, SHIB’s 24-hour trading volume plummeted by 25.74% to $127 million, at press time. This also hints at the possibility of a price reversal in the memecoin market. According to CoinMarketCap, SHIB is currently trading on the downside, dropping 4.05% in 24 hours to trade at $0.000009033.

The Current Bearish Shiba Inu

Shiba Inu 24-Hour Price Chart (Source: TradingView)

Based on the 24-hour price analysis of Shiba Inu (SHIB), the Moving Average (MA) Cross Over highlights the bearish sentiment. The 9-day moving average is now positioned above the 9-day MA, indicative of a potential downturn in the coming hours. Furthermore, the RSI of SHIB breached under 30 to highlight its oversold state and pass buy signals in the market.

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