About two weeks ago, the price of Shiba Inu went through a huge drop of more than 30%, then bitcoin fell below the $29,000 barrier. The token came dangerously close to bringing the indexes to zero, but then the crypto market began to recover.
Despite this, investors continue to build up their cryptocurrency holdings. On Coinbase, trading activity on SHIB reached new heights as a result of 77% of investors placing buy orders and only 23% placing sell orders.
SHIB buying pressure hasn’t been able to exceed the 70% threshold since March, yet yesterday the token reached that threshold, crossing the 77% threshold. The last time SHIB’s trading volume rose to 90% was last September, just days before it soared 1,000% in October.
Technical indicators for Shiba Inu are still indicative of the pessimistic sentiment that currently prevails in the market, as the asset is not out of the oversold area. The bearish pressure exerted on bitcoin and the crypto market as a whole contributes to this.
In 2021, one of the most successful cryptocurrencies was Shiba Inu (SHIB), which increased in value by 48,000,000%. The current price of Shiba Inu, according to CoinMarketCap, is $0.00001081 with a gain of 0.7% in the last 24 hours.