Shiba Inu Attracts 96% Buying Pressure Despite Falling to $0.0000091
Despite recent market turmoil and a price dip, Shiba Inu (SHIB) is exhibiting remarkable resilience. Even as the FTX-induced crash in the cryptocurrency market saw Shiba Inu add an extra zero, momentarily trading at $0.00000..., strong buying pressure suggests a potential rebound.
Hace 1 día, Shiba Inu (SHIB) plunged 6.96% over the past 24 hours, but a critical support level emerged around $0.00000..., where buying pressure was noticeable. The recent price dip might be tempting some investors to “buy the dip,” as Shiba Inu's trading activity shows that a staggering 90.2% of investors have placed the coin on 'buy' while only 9.8% of investors have kept it on 'sell'.
Shiba Inu and Bitcoin Correlation
Shiba Inu: a digital asset still strongly correlated with bitcoin price movements. According to data, Shiba Inu shows a correlation with bitcoin of 0.84. This suggests that Bitcoin's performance significantly influences SHIB's price action. Therefore, monitoring Bitcoin's movements remains crucial for understanding Shiba Inu's potential future trajectory. SHIB traded with four zeros earlier this month, and despite the fluctuation, the strong 'buy' sentiment indicates ongoing investor confidence.
Key Takeaways:
- Shiba Inu is currently trading around $0.0000091 after the FTX crash added an extra zero.
- A significant 96% of investors are showing 'buy' interest, indicating strong faith in the meme coin.
- Shiba Inu's price is highly correlated with Bitcoin, making Bitcoin a key indicator for SHIB's future.
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