Shiba Inu ‘Buying Pressure’ Rises: Climbs 95% In March 2023

Vinod Dsouza
Shiba Inu Rocket
Source: Pixabay

Shiba Inu is attracting significant buying pressure in March 2023. Trading activity on Coinbase shows 95% of investors keeping it in ‘buy’ while only 5% place ‘sell’ orders. This is the highest number of buy orders SHIB has received since the start of January. The development suggests that investors are taking an early entry position before the upcoming Shibarium Beta launch.

The highest percentage of buy orders SHIB received in 2022 was 98%, and they occurred at a time when rumors of a Shibarium launch were doing the rounds. You can read more details about it here.

Also Read: How Many Zeores Did Shiba Inu Delete From March 2022 to 2023?

Source: Coinbase

In addition, the typical hold time for SHIB shot up to 240 days in 2023 from an average of 180 days in 2022. Therefore, investors are holding on to SHIB for a longer time and not dumping the token for short-term profits. Its 24-hour trading volume is also up nearly 16%, reaching $174 million in the day’s trade.

Also Read: VeChain vs. Shiba Inu: Which Crypto Has Fetched Greater Returns in 2023?

Shiba Inu Vs Bone

shiba inu ecosystem leash bone token
Source: Pixabay

Despite attracting buying pressure, its ecosystem token, Bone outperformed both Leash and Shiba Inu in 2023. Bone doubled in price from a low of $0.85 in January to a high of $2.04 in February before retracing.

So why is Bone doing better than Shiba Inu?

Bone has more use cases in the Shibarium layer-2 solution, as it’s designated as gas on the network. Therefore, Bone will experience further buy orders to initiate transactions on the network. Shiba Inu will only see ‘burns’ for each transaction, but the scale of them remains unknown.

In conclusion, Bone has more chances of heading north post-Shibarium release than its counterpart Shiba Inu. Also, Bone has doubled in price three times since August 2022, while SHIB bled in the indices. You can read more details about it here.

Also Read: Wendy’s Fast Food Restaurant Now Accepts SHIB

At press time, Shiba Inu was trading at $0.00001195 and was down 3.4% in the 24-hour day trade. SHIB is also down 86.13% from its all-time high of $0.00008616, which it reached in October 2021.