Shiba Inu Achieves Highest Purchase Volume of the Week

• Shiba Inu tokens have seen a notable increase in weekly volume as significant buyers led the market.
• Major investors acquired over 10.25 trillion SHIB within a week.

Shiba Inu (SHIB), recognized as the second largest memecoin, experienced a rise in trading volume as substantial buyers took the lead, surpassing the selling pressure. Over the past week, bullish activity reached a remarkable milestone, with influential investors’ purchases exceeding an impressive 10.25 trillion SHIB. Conversely, the sales executed by major sellers lagged behind by 250 billion SHIB.

The cryptocurrency analytics firm, IntoTheBlock, meticulously monitored market movements and disclosed that this timeframe recorded significant trading volumes for this memecoin. Consequently, the considerable influx of capital from large buyers drove the token’s trading volume to unprecedented levels.

Nonetheless, SHIB’s 24-hour trading volume decreased by 25.74% to $127 million at the time of reporting. This also suggests the potential for a price reversal within the memecoin sector. As per CoinMarketCap, SHIB is currently experiencing a decline, having dropped 4.05% in the last 24 hours to a trading price of $0.000009033.

The Current Bearish Shiba Inu

Shiba Inu 24-Hour Price Chart (Source: TradingView)

According to the 24-hour price assessment of Shiba Inu (SHIB), the Moving Average (MA) Cross Over indicates a bearish trend. The 9-day moving average is currently above the 9-day MA, suggesting a potential decline in the near future. Additionally, SHIB’s RSI has fallen below 30, indicating an oversold condition and signaling buy opportunities in the market.

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