Shiba Inu is on a downward spiral this month but that isn’t stopping investors from clicking on the ‘buy’ button. Trading activity has yet again resumed as SHIB crossed the 70% ‘buy’ mark for the second time in two weeks on Coinbase. SHIB ‘buying pressure’ had failed to cross above the 70% mark since March and reached its highest of 77% during the last week of May. However, orders placed for ‘buy’ on Shiba Inu saw a dip during the first week of June and remained between 53% to 61%. This indicated that interest among investors to trade the token is declining. Nonetheless, the ‘buy’ orders saw yet another breakthrough today as it hit 70% for the first time in June.
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At present, Shiba Inu’s ‘buying pressure’ has increased, as 70% of investors have kept it on ‘buy’ and only 30% of investors have kept it on ‘sell’. The highest ever ‘buying pressure’ for SHIB was at 90% during the last few days of September 2021, and the token had spiked 1,000% the very next month in October.
Also, the typical ‘holding time’ for Shiba Inu has slightly increased from 133 days to 139 days. Therefore, on average, investors are holding on to their SHIB tokens for more than four months now.
In addition, Europe’s Robinhood ‘Bitstamp’ listed Shiba Inu this week allowing its users to transact the dog-themed token. Read here to know why Bitstamp listing SHIB is a big deal for the token’s prospects.
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Should You Buy the Dips on Shiba Inu?
The crypto market turned green today as Bitcoin spiked nearly 5% in the indices. This made the markets trade in green giving out decent profits to investors. However, the market is most likely to dip again as BTC is now heading towards red. On the other hand, Shiba Inu is barely up 1% today and is still struggling to remain strong in the green.
The markets are in murky waters due to weak global economic cues and might further dip again. Several financial analysts have predicted that Bitcoin will slump below the $20,000 mark. Therefore, it is advised to remain cautious while buying SHIB as the token might dip further as it goes in tandem with the market drop.
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At press time, Shiba Inu was trading at $0.00001078 and is up 1.03% in the 24-hours day trade.