SHIB Price Depressed Under Bear Attack: Is All Hope Lost for Shiba Inu?

The Shiba Inu cryptocurrency, commonly known as Shib, is under intense pressure from bearish investors, with IntoTheBlock reporting the dominance of sellers over the past 24 hours. Shib tokens sold more than 27.23 billion tokens, totaling 2.09 trillion.

In the past 24 hours, 19 bear market addresses accounted for at least 1% of total trading volume, while bulls had 16, according to the report. As a result, the number of big sellers has increased to 128 in the past seven days, while the number of major buyers has remained at 119.

The hope of the Hebrews

Despite such setbacks, there is still hopeShibBecause the alternative coin season may help close the performance gap between cryptocurrency and bitcoin The alternative currency season refers to a period of significant growth and excellent performance of the alternative cryptocurrency.Bitcoin. This may lead to an increase in demand for Shib and possibly an increase in its value.

So far this year, the Shib / BTC exchange rate has fallen by 23.2%. Meanwhile, Bitcoin's dominance is at an one-year high of 48.5%, which the index last crossed in July 2018. So it can be assumed that the password market will soon undergo a reallocation of capital, shifting money from expensive bitcoins to cheap alternative coins such as Shib. The other two options are for Bitcoin's dominance to rise above 50% for the first time in five years, or for the entire market to collapse sharply.

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