3 Reasons Why Shiba Inu Could Go on a ‘Bullish Break’
In the Shiba Inu ecosystem, bulls and bears are currently locking horns. According to on-chain data, bullish participants are more in number at the moment, when compared to their bearish counterparts. For context, the bulls and bears indicator tracked the number of addresses that purchased or sold more than 1% of the total amount of volume traded on a given day.
The 24-hour SHIB volume reflected a value of $125 million at press time. This meant those who bought more than $1.25 million SHIB are bulls, while those who sold more than 1.25 million fall under the bears’ category. As of press time, there were more than a handful of extra bulls in the ecosystem [153 vs. 147].
Shiba Inu’s bullish streak to be re-kindled?
To answer the aforementioned question, let us delve into the state of a few other key metrics. One set of large investors has been buying SHIB tokens, while the other, has been selling. Just over the past day, their inflows stood at 579.2 billion SHIB, while their outflows hovered around 480.1 billion. As a result, the net flow of the 99.1 billion tokens was worth only a mere $716,493 in dollar terms at press time. Hence, while the net-figure is almost at break-even, there is inadequate buy-side momentum for Shiba Inu.
Read More: https://watcher.guru/news/3-reasons-why-shiba-inu-could-go-on-a-bullish-break
In the Shiba Inu ecosystem, bulls and bears are currently locking horns. According to on-chain data, bullish participants are more in number at the moment, when compared to their bearish counterparts. For context, the bulls and bears indicator tracked the number of addresses that purchased or sold more than 1% of the total amount of volume traded on a given day.
The 24-hour SHIB volume reflected a value of $125 million at press time. This meant those who bought more than $1.25 million SHIB are bulls, while those who sold more than 1.25 million fall under the bears’ category. As of press time, there were more than a handful of extra bulls in the ecosystem [153 vs. 147].
Shiba Inu’s bullish streak to be re-kindled?
To answer the aforementioned question, let us delve into the state of a few other key metrics. One set of large investors has been buying SHIB tokens, while the other, has been selling. Just over the past day, their inflows stood at 579.2 billion SHIB, while their outflows hovered around 480.1 billion. As a result, the net flow of the 99.1 billion tokens was worth only a mere $716,493 in dollar terms at press time. Hence, while the net-figure is almost at break-even, there is inadequate buy-side momentum for Shiba Inu.
Read More: https://watcher.guru/news/3-reasons-why-shiba-inu-could-go-on-a-bullish-break
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