Is Shiba Inu Bearish After Recent Purchase Volume Spikes?

shiba inu path tracks
Source: Pixabay

Shiba Inu transactions were very active in the past week. SHIB saw trillions in purchases over the last seven days, with the purchase volume by influential investors surpassing 10.25 trillion SHIB.

Large buyers were at the forefront of the SHIB transactions last week, however, the sales executed by the big bears fell short by 250 billion SHIB. According to crypto intelligence agency IntoTheBlock, the Shiba Inu purchase volume increase came from this substantial influx of large buyers.’

Shiba Inu: SHIB Burn Surges 30981.17%, Will it Touch 2 Billion Next Week?
Source: Crypto News

Despite the recent surge in SHIB purchases, its 24-hour trading volume plummeted by 25.74% to $127 million. SHIB is currently trading on the downside, dropping 4.05% in 24 hours to trade at $0.000009033, according to CoinMarketCap.

Based on the recent downward trend, it appears that Shiba Inu is in a bearish state. The 9-day moving average is now positioned above the 9-day MA, indicative of a potential downturn in the coming hours. Contrary to that spike in Shiba Inu purchase volume, investors may worry if this bearish state continues.

The decline in SHIB’s price is not the first case of this in the recent cryptocurrency market. Both Bitcoin and Ethereum, the two largest cryptocurrencies by market capitalization, have also seen significant price corrections in the past week. This has created uncertainty throughout the market.