Within the span of one week, the Shiba Inu network has experienced an increase in the number of addresses with zero balances.
Data from IntoTheBlock indicates a significant surge of 147.25% in such addresses over the past seven days, with the majority of the increase occurring in the last 24 hours. This rise in zero-balance addresses suggests that Shiba Inu investors may sell their tokens by transferring them from their wallets.
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Shiba Inu: Bulls vs. Bears – Who’s Taking the Lead?
In terms of sheer numbers, the bears outnumber the bulls. As depicted below, in the past week, 130 instances of bullish sentiment have been compared to 141 instances of bearish sentiment. This metric specifically considers significant market participants who transact more than 1% of the 24-hour volume on any given day.
Despite the higher number of bears compared to bulls, one would anticipate that the former group’s overall volume would surpass the latter’s. However, this is not the scenario. As depicted below, bulls have purchased a total of 19.27 trillion SHIB tokens over the past week, while bears have sold only 18.75 trillion SHIB in the same timeframe.
With the bullish volume slightly outweighing the bearish volume, it suggests that Shiba Inu may be in a relatively safe zone for the time being, which could explain its positive weekly returns that remain in the green.
Having surged by 9% from its low of $0.00001058 seven days ago, SHIB has also experienced a parallel 2% increase daily. Currently, at the time of writing, SHIB is trading in the green at $0.0000116, surpassing its immediate resistance level.
If the bullish momentum continues gaining traction from this point onwards and SHIB manages to flip the resistance into support, it will likely move towards its February 2023 levels. Conversely, if the bearish volume surpasses the bullish volume, SHIB could retreat back into its narrow consolidation range as illustrated below.
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