Shiba Inu reached its highest buying pressure recorded on Coinbase in 2022 on Friday. For the first time this year, SHIB’s trading activity reached its yearly peak as 98% of investors kept the dog-themed token on ‘buy’ while only 2% kept it on ‘sell’.
SHIB seems to be an affordable investment currently as investors can accumulate 1.1 million tokens for just $10. The large ‘buy’ orders indicate that investors are making use of the dips on Shiba Inu while it’s still affordable.
Also Read: Shiba Inu: Investment of $670 Turns to $1.7 Million In 1 Year
SHIB previously attracted buying pressure of 94% in October when the markets briefly rallied for four days. However, the 98% ‘buy’ orders on Friday comes at a time when the markets are dipping after a brief rally this week.
In addition, the typical holding time of the token has jumped to 211 days as investors are holding on to it for seven months and more.
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Both whales and the Average Joe equally accumulate the token during both its ups and downs in the indices. The purchases are made on a belief that SHIB could generate life-changing wealth when it reaches the $0.01 mark.
Investors believe that the dog-themed token would one day replicate Dogecoin’s success and eventually climb above the 1 Cent milestone. However, many investors made million with SHIB even without it reaching $0.01 yet. You can read more details about their rags-to-riches story here.
Also Read: 3 Cryptos That Lost Their ‘Hype’ in 2022
Shiba Inu: The Path Towards 2023
Shiba Inu has a string of releases in 2023 that investors believe could sustainably scale its price in the indices. The upcoming and most-awaited releases in the SHIB ecosystem include:
Shibarium layer-2 network
SHIB: The Metaverse
ShibaSwap 2.0
ShibaNet
SHI stablecoin
Treat token
Also Read: Dogecoin: When Will Doge Breach Its All-Time High of $0.73?
At press time, Shiba Inu was trading at $0.00000864 and is down 3.1% in the 24 hours day trade. It is also down 90% from its all-time high of $0.00008616, which it reached in November last year.