Shiba Inu, (SHIB), has fallen to the bottom of the cryptocurrency market after making a profit of 10,000% in the last year. After a prolonged period of intense selling pressure, the meme coin experienced a spike driven by retail investors hoping to ride the rally.
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As of the writing time, Shiba Inu trades at $0.000022. There is a 6% loss and a 30% gain in less than 24 hours.
Multiple monitors have provided data that suggests a shift of dynamics for SHIB owners. Retail investors as well as speculators may be shifting to larger investors.
Material Indicators (MI) data for shorter timeframes shows record retail investors were selling into the relief price action. It has suffered further losses but investors who placed bid orders starting from $100 still dump their money.
These investors are selling funs much faster than investors who have bid orders between $1,000 and $10,000. Although total orders are still in negative territory, selling pressure is being absorbed by SHIB Whales.
However, while large investors in the green class, as the chart shows, continue to buy the downtrend, SHIB’s price should find support. MI has further data that shows the cryptocurrency sits at support but is close to resistance. This could be why SHIB looks stuck. It could also explain why it is likely to remain at its current level of rage for the foreseeable future.
IntoTheBlock recordsA surge in trading volume of Shiba Inus (SHIB) This metric is responsible for 81% total on-chain volume. The monitor records transactions exceeding $100,000, which equates to a monthly peak of $389 millions. SHIB whales are increasing activity since the $0.000034 price.
Shiba Inu Holders (SHIB), On the Rise
In the last 24 hours, the average SHIB account has increased by 39%. This is a sign that the price may be showing signs of recovery. Before the extraordinary rally in SHIB’s price to its highest level, there was a similar surge in trading volume.
The total number of SHIB owners is close to 2,000,000, which may be a benefit if the market continues its upward trend. Whalestats shows that unique traders have been involved in a large increase of activity over the last several months.
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A new product could be a boon for cryptocurrency. Binance, a crypto-exchange offered the opportunity to take $100,000 in SHIB. This was part of an offer that welcomed news users. This is the official Twitter handle for Shiba Inu said:
SHIB is a leader in crypto adoption since last year. It is easy to see why #BinanceLovesShib exists and why Shib has launched an appeal to increase the attraction of getting in to it!