In a fascinating change of events, the trend seems to be shifting in favour of the bulls over the bears for the Shiba Inu token, SHIB. This discovery is made after data from the crypto intelligence portal IntoTheBlock was analysed.
They claim that significant investors showed their faith in SHIB by buying a stunning 338.1 billion more tokens than they sold over the course of the previous week. Surprisingly, 9.34 trillion Shiba Inu coins were accumulated overall each week thanks to these powerful crypto market players.
Nevertheless, despite this bullish rise, bears nevertheless have a minor numerical lead over bulls, with 143 addresses as opposed to 149. It’s crucial to remember that IntoTheBlock only evaluates addresses that account for at least 1% of the token’s overall trading activity.
Behind the scenes
For over a month, SHIB’s current phase of token price accumulation saw a fall in material capital inflows. The price of the Shiba Inu token had been steadily falling since mid-April until it appeared to stabilise around $0.0000083 in mid-May. Since that time, SHIB has been fluctuating within a small range that has hardly risen over 6% of that level. Notably, prominent investors have shown significant interest in this stage of consolidation and predominantly initiated long positions last week.
All eyes are still on the developing dynamics between the bulls and the bears as they influence the token’s price range and determine its future course.
