Shiba Inu bulls crush bears in epic battle worth trillions of SHIBs
In an intriguing turn of events, the Shiba Inu token, SHIB, appears to be witnessing a shift in momentum favoring the bulls over the bears. This revelation is revealed with the analysis of data obtained from the crypto intelligence portal InTheBlock.
According to their stats, major investors demonstrated their confidence in SHIB by acquiring 338.1 billion more tokens than they sold in the past week. Remarkably, these influential participants in the crypto market were responsible for a total weekly accumulation of 9.34 trillion Shiba Inu tokens.
However, despite this bullish push, the bears currently hold a slight advantage over the bulls in terms of number of addresses, with 143 addresses versus 149. It is important to note that IntoTheBlock’s assessment only considers addresses that contribute at least 1% to the token. total trading volume.
In the wings
The recent period of token price accumulation, which spanned almost a month, was marked by a decline in significant capital inflows for SHIB. Since mid-April, the price of the Shiba Inu token had been on a relentless decline until it seemed to regain stability around $0.0000083 in mid-May. Since then, SHIB has been trading in a tight range, barely exceeding 6% of that level. Notably, this consolidation phase has attracted substantial interest from large investors, who have mainly taken long positions in the past week.
As the token continues to navigate its price range, all eyes remain on the evolving dynamic between bulls and bears as they shape the future trajectory of SHIB.