Today is a massacre in the crypto market, with Bitcoin falling below the $25,000 threshold. For the first time since December 2020, BTC fell below $25,000. BTC is down nearly 15%, while Ethereum, the second largest cryptocurrency, has fallen below $1,200 and is down over 18%. Despite the fact that the stock has dropped 15%, the ‘buying pressure’ for Shiba Inu has reached yearly highs today. On the popular trading program Coinbase, 81 percent of users have Shiba Inu set to “buy,” while only 19 percent have pushed the “sell” option.
This is the second greatest amount of ‘purchase’ orders placed for SHIB this year, trailing only the 91 percent placed in September 2021. SHIB had gone parabolic in the indexes during that time and had soared 1,000 percent in October of last year.
Investors are buying in on the dips, as seen by the large number of buy orders issued for SHIB. During today’s crypto meltdown, Shiba Inu added an extra ‘zero,’ giving it a total of five ‘zeroes.’ As the bear market has taken over the banking sector, SHIB is now accumulating ‘zeroes’ instead of removing them. A speedy recovery does not appear to be in the cards, and the market is projected to continue to decline.
