Shiba Inu bulls, in an unexpected turn of events, successfully purchased an astounding 2.49 trillion SHIB during the recent price decline of the Shiba Inu token, according to the crypto intelligence portal IntoTheBlock. In contrast, it was stated that 2.58 trillion Shiba Inu tokens were sold by major participants during the price drop.
This surprise repurchase programme coincided with a widespread market turbulence brought on the news regarding Binance and the SEC, which led the price of SHIB to drop by 10%. The bulls recovered and showed their belief in Shiba Inu despite the setback. Shiba Inu token price witnessed a multi-month low, which was swiftly followed by a huge surge in purchasing activity.
Surprisingly, there are 146 addresses connected to significant purchasers of Shiba Inu coins, which is slightly more than the 149 addresses connected to big sellers. These numbers take into consideration addresses that participated in deals that made up at least 1% of Shiba Inu’s total trading volume. A high number of purchasers contrasted to an even larger number of sellers indicates that there was some ambivalence over the token amid the current market volatility.
The significant 100 billion SHIB discrepancy, which favoured the bears over the bulls, may be interpreted to have had a significant impact on the token’s price. Shiba Inu has seen volatility over the past week, which is consistent with the broader volatility seen across the whole crypto market.
