Stunning 624 Billion Shiba Inu (SHIB) Pullout Shakes Crypto Exchanges

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As a seasoned researcher who has witnessed countless crypto market fluctuations, I must admit that the recent downturn has been a rollercoaster ride. The crash we saw on August 27th was particularly brutal, with many popular coins, including Shiba Inu, taking a hit. However, what strikes me is not just the resilience of the market but the wisdom of its players.

1. It’s important to note that Shiba Inu (SHIB) has experienced a considerable increase in the amount being moved between exchanges. This significant shift happens when investors are uncertain about the overall crypto market, as we’ve seen recently. The recent cryptocurrency slump brought challenges for many holders due to substantial losses. According to CoinMarketCap, the total value of all cryptocurrencies has dropped by 3.26% over the past day, now standing at approximately $2.11 trillion.

During that period, even the widely favored Shiba Inu meme currency experienced a decline. Its value dropped from approximately 0.00001459 USD to as low as 0.00001358 USD within a few hours. It’s worth mentioning that the meme coin reached 0.00001358 USD level twice over the past 24 hours, causing investors to hold off for now.

Approximately 658,760 USD was lost in the SHIB market over the past day, as per data from CoinGlass. A staggering $592,720 of this total came from long liquidations. These numbers demonstrate how the recent market downturn affected the community’s optimism and highlight the potential for substantial losses that traders may face due to market volatility.

Silver lining for Shiba Inu

The crash in cryptocurrency began on August 27, a tough period for investors, but SHIB owners have proven their resilience. According to CryptoQuant’s analysis, outflows for this meme coin spiked on this same day. Over 624 billion Shiba Inu tokens were withdrawn from cryptocurrency exchanges on August 27, indicating that traders were capitalizing on the market drop by withdrawing their coins.

Shiba Inu traders opted to purchase during market drops rather than sell in a panic. This behavior indicates that the meme coin’s investor confidence and appeal remain strong. The bullish sentiment continues to dominate the market. Interestingly, the SHIB price has even experienced a small rebound, currently trading at $0.00001405. With the broader market crash showing signs of abating, there is expectation for further gains in the near future.

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2024-08-28 17:14