According to cryptocurrency intelligence firm IntoTheBlock, major purchasers purchased more than 10.25 trillion SHIB worth of Shiba Inu tokens in the last week. The large bears’ sales, on the other hand, were 250 billion SHIB lower. This most “voluminous” week in recent memory was therefore left to the bulls.
Despite this contradiction, the price of SHIB had drastically decreased by the end of the week. SHIB quotes cruelly dropped by 8% or more on the next three days after showing rise from Monday to Wednesday. As a result, for the third week in a row, the price of the Shiba Inu token has decreased.
Will PEPE be able to dethrone SHIB?
Its name is Pepe (PEPE), and the rationale seems to be more or less obvious. This meme coin got tremendous pace through viral marketing and hit the $1.66 billion milestone in the same three weeks. It is obvious that PEPE “sucked” liquidity from sources other than SHIB, yet such a cash flow makes the greatest sense. At least, that’s what a lot of powerful traders and Shiba Inu token owners believed.
Additionally, the recent volatility in the cryptocurrency market as a whole may have contributed to the price decrease of SHIB. In the last week, the prices of many cryptocurrencies, including Bitcoin and Ethereum, have also changed. But it’s unclear if SHIB will be able to bounce back from its current downturn, especially given the rising acceptance of substitute meme tokens like PEPE.
