The cryptocurrency market is undergoing a harsh examination due to bearish conditions, resulting in nearly $1 billion being wiped out collectively. Notably, Shiba Inu (SHIB) has been affected significantly, with over $3.63 million in SHIB positions being liquidated according to CoinGlass data. This equates to approximately 14.8 trillion SHIB tokens being liquidated during this period.
Long investors are individuals who wager on the token’s future expansion, accounting for the larger portion of the $3.45 million in losses during liquidation. On the other hand, short investors, who anticipate a decline in price, experienced a net loss of $186,400 as market volatility influenced price movements.
An unexpected price decrease for Shiba Inu, currently valued at $0.00002425, amounts to a significant setback in its efforts to rebound. Over the past 24 hours, the token has fallen by 12.17%, and over the week, its value has decreased by more than 11%. The market is expressing worry about Shiba Inu due to conflicting growth patterns observed in various metrics.
The token has held its ground at the $0.000023 level, but it’s expected that obstacles may persist on average.
SHIB metrics in green
Although the general sentiment towards Shiba Inu is currently pessimistic, certain positive indicators persist. For instance, substantial transaction data is still showing up as green. Notably, large transactions worth over $100,000 have experienced a significant surge, according to IntoTheBlock (ITB). These massive transactions jumped by an impressive 276.29% in just one day, reaching a total of $212.56 million.
The number of transactions on the Shiba Inu network experienced a notable increase of 5.62%, totaling 5,750 transactions as of now, compared to 5,200 transactions recorded on April 10. Additionally, trading volume surged by $167.03 in just one day to reach an impressive $1,199,915,774, indicating a heightened investor interest in the asset.
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2024-04-13 13:11