Despite Poor Performance, the Shiba Inu (SHIB) Receives Positive Attention

Despite the token’s recent fall, investors continue buying Shiba Inu. Seventy-seven percent of Coinbase investors have placed SHIB on the ‘buy’ side, while only 23 percent have kept it on the’sell’ side. SHIB’s purchasing pressure had not exceeded 70% since March, but it reached 77 percent today during the downturn.

SHIB’s trading volume had only increased by 90 percent until October of last year, when it increased by more over 1,000 percent. The ‘keep duration’ of Shiba Inu has also increased, with investors holding the token for an average of more than four months. The average SHIB hold time has already reached 133 days.

Despite the fact that the price of SHIB is decreasing, major Ethereum whales are still buying the cryptocurrency. ‘BlueWhale0073’ recently purchased 142 billion SHIB tokens for $1.5 million. Whales are taking advantage of the low prices by purchasing tokens in large quantities. In contrast, SHIB has yet to see a big price increase this year, instead trading in a band between flat and dropping. The token has dropped to a new low due to its inability to break out of the weekly lows.

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