SHIB leaves with the support of whales and the market in general
Meme-based token Shiba Inu has shown a 17% increase in one day after retracing for 10% from the local top. Currently, the market has more buy orders in the order books than sell orders. In addition to increased buying power, almost 80% of holders are in profit.
Increase in purchasing activity
After a recent tweet from Elon Musk, in which he posted an animal drawn by a symbol that looks like Shiba Inu and holds a rocket, the price of the memetoken went up 10% almost immediately, but then came back a bit. Currently it remains at $ 0.0000279 after falling 2% from the daily high.
According to on-chain data, buying power is currently greater than the number of sell orders, which indicates that market participants are still looking forward to buying the meme-powered digital asset.
In addition to the aforementioned indication, whale-level addresses have started transferring funds from their addresses, which also correlates with previous price increases.
Majority of holders staying in profit
Similar to DOGE, the majority of token holders are currently staying in profit with 78% of addresses entering the market for a price lower than the current one. Although the token has returned from its ATH, the majority of addresses still remain profitable.
The market is considered “overbought” when the value of the number of addresses in profit exceeds 90-95%, according to the history of correction phases on the market. The main reason behind such a price action is that the majority of traders are more often looking to take profit when the price peaks after another.
