shiba inu The cryptocurrency is experiencing significant pressure from bearish investors as IntoTheBlock reported the dominance of sellers over the past 24 hours. The volume of SHIB tokens sold exceeded the purchase volume by 27.23 billion tokens, totaling 2.09 trillion.
The report revealed that there were 19 bearish addresses trading at least 1% of the total volume in the last 24 hours, while the bulls had 16 addresses. This caused the number of large sellers to increase to 128 in the last seven days, while the number of large buyers remained at 119.
Hope of a SHIB
Despite this setback, there is hope for SHIB because altcoin This season may help cryptocurrencies narrow the performance gap with Bitcoin. Altcoin season marks a time when alternative cryptocurrencies experience significant growth and outperform Bitcoin. This could lead to increased demand for SHIB and a potential rise in its value.
SHIB has lost 23.2% against BTC to date. Meanwhile, Bitcoin’s dominance is at a one-year high of 48.5%, and the index last crossed this zone in July 2018. Because crypto- It can be assumed that the market will soon experience a redistribution of capital and money will move from expensive BTC to cheap altcoins like SHIB. The other two options are for Bitcoin dominance to rise above 50% for the first time in five years, or for the entire market to suffer a massive crash.
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