This month, the cryptocurrency market is trading under the pretense of “one step forward and two steps back”. The market trades in the green for a few hours and then drops to the red for the other hours of the day. Profit generation now seems to be ‘a thing of the past’ as it is impossible to stop without getting good returns. Shiba Inu traded similarly this year, barely generating decent returns for its investors. The dog-themed token is dipping and testing the patience of its loyal investor community. However, data from Coinbase shows that despite the dip, Shiba Inu is experiencing heavy buying pressure in the market.
Also read: SHIB: Shytoshi Responds To Developers Building On Shibarium
For 12 consecutive days in July, more than 85% of Coinbase investors held Shiba Inu to “buy” and the rest to “sell.” Also, SHIB’s buying pressure has crossed 90% ‘buy’ for three days, while only about 10% of investors are selling the token. Today, data shows that 92% of users buy SHIB, while a small number of users, who compromised 8%, kept it on ‘sell’.
The development shows that despite the dip, Shiba Inu remains the undisputed king in the market. Investors are not afraid to put their money into SHIB after every crash and are making good use of the dips. The phenomenon is rarely seen in other cryptos as the ‘fear index’ has hit its ceiling.
Why do investors buy Shiba Inu?
Investors who missed Dogecoin’s bull run last year have largely placed their trust in Shiba Inu. They believe that SHIB can reflect Dogecoin’s long-term performance and meet their financial ambitions. Shiba Inu is trading below 1 cent and investors are finding the token affordable and low-hanging fruit.
Also read: Shiba Inu: SHI Stablecoin Won’t Follow Terra’s Route, Shytoshi . Assures
Another reason to buy Shiba Inu is that investors are satisfied with buying 1 million tokens for $10. It creates a sense of achievement and achievement that they got ‘a good deal’ for a small amount of money.
In addition, the ETH whales collect Shiba Inu almost every day. This makes investors feel like something big is at stake and that’s why they buy more. The psyche of a Shiba Inu investor is all about “investing today” and reaping the rewards when it hits the “1 cent milestone.” They believe that the 1 Cent dream will not remain a dream after all.
Also read: SHIB Community Projects 99% Increase in July; Is it attainable?
As of going to press, Shiba Inu was trading at $0.00001049 and is down 5.6% in the past 24 hours. The token is also down 88% from its all-time high of $0.000086158837, reached in October last year.