As a seasoned crypto investor with battle scars from numerous market cycles, I’ve learned to navigate the tumultuous seas of digital assets with a mix of patience and pragmatism. The recent events surrounding Shiba Inu (SHIB) have been nothing short of a roller coaster ride, and I find myself strapped in, both exhilarated and exhausted.
Recently, the buzz surrounding the meme-based cryptocurrency, Shiba Inu (SHIB), remains high as it makes headlines again. This time, the focus is on a significant imbalance in liquidations that occurred over the past day, according to data from CoinGlass. In the last 24 hours, the trading volume of liquidated Shiba Inu token futures reached approximately $2.65 million. Remarkably, the volume of liquidated long positions is almost seven times higher, totaling around $2.31 million.
The cause of this disparity can clearly be traced back to the price fluctuations of the widely recognized meme-based cryptocurrency.
What’s up with SHIB price?
Over the examined timeframe, the SHIB token initially plummeted by 6.92% to reach $0.00002283. Subsequently, it seemed to have found a floor at this point, rising further to $0.00002432. However, it then dropped by over 3% once more.
The volatile price fluctuations, reminiscent of a thrilling roller coaster ride, accounted not only for the significant disparity between bearish and bullish sell-offs, but also for the immense volume at which these sell-offs occurred.
In the realm of cryptocurrencies, a staggering $510 million was liquidated from futures contracts within a 24-hour period. This follows several days where liquidations amounted to billions of dollars.
In simpler terms, it’s important to note that both fast changes in prices and liquidations (selling off assets quickly) can influence each other. This principle extends to SHIB too. It seems reasonable to assume that some of today’s decline might have resulted from investors needing to close their positions and offload their cryptocurrency because the price failed to rise further.
Time will tell how Shiba Inu fares next, as the cryptocurrency market, made up of various stakeholders, might need some time to unwind after this intense week. Therefore, it’s likely that Shiba Inu’s price could remain within its current trading range for a while.
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2024-11-15 19:18