6.4 Trillion Shiba Inu Bought In One Week, Is Meme Coin Era Coming Back? 

Key Points:

• Shiba Inu bulls went all-in this week, purchasing 6.4 trillion SHIB; nevertheless, not everything is as black and white as it may seem.
• To this point, there have been 124 major customers who have provided their addresses in Shiba Inu. This number comprises all of the addresses that were responsible for at least one percent of the overall trading volume on Shiba Inu.

During the past week, large crypto market participants reportedly purchased more than 6.4 trillion Shiba Inu tokens, as reported by the crypto intelligence portal IntoTheBlock. 

According to the data provided by the cryptocurrency intelligence platform IntoTheBlock, significant market participants in the cryptocurrency space spent the previous week purchasing more than 6.4 trillion Shiba Inu tokens. 

On Wednesday, there were 1.39 trillion SHIB tokens acquired, making it the busiest day of the week. To this point, there have been 124 major customers who have provided their addresses in Shiba Inu. This number comprises all of the addresses that were responsible for at least one percent of the overall trading volume on Shiba Inu.

On the other hand, contrary to what the preceding line might lead one to believe, things are not always running smoothly around Shiba Inu. It is estimated that the number of SHIB tokens sold by major players was 6.5 trillion, which is an increase of 100 billion over the amount that was purchased. In addition, there are 149 addresses of major sellers of the product.

At the same time, the price of SHIB has shown a fall of 1% at the time of writing, which is not very important at all. This occurred at the conclusion of the week. However, it is essential to keep in mind that the weekly extremes were set at 5% both up and down from the opening price. This is one of the most important things to keep in mind.

Therefore, it is possible to draw the conclusion that the outperformance of bears over bulls by 100 billion SHIB did not have a significant impact on the price of the token. The cryptocurrency market as a whole saw a stormy week, and so did the Shiba Inu market specifically. Throughout the week, the initiative in trading frequently switched from sellers to buyers and back again.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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