Shiba Inu (SHIB) is grappling with instability amidst a significant market sell-off, setting a record with 14.8 trillion tokens liquidated in just 24 hours.
The broader cryptocurrency market is experiencing considerable pressure, with nearly $1 billion in liquidations observed overall. Shiba Inu (SHIB) has been notably affected, facing $3.63 million in liquidations within the past day, according to CoinGlass data.
Shiba Inu (SHIB) Faces Liquidation Impact Amidst Price Drop
Long traders, those anticipating the token’s future growth, bore the brunt of the liquidation, totaling $3.45 million. Conversely, short traders, who speculated on price declines, also experienced liquidations amounting to $186,400, reflecting the market’s volatility.
The recent decline in Shiba Inu’s price marks a setback in its recovery efforts. Currently trading at $0.00002425, the token has dropped by 12.17% over the past 24 hours and more than 11% throughout the week. Concerns persist for Shiba Inu as several metrics indicate conflicting or opposite growth trends. While the token has managed to hold its support at the $0.000023 price level, the likelihood of overcoming obstacles appears to be moderately challenging overall.
Shiba Inu (SHIB) Key Metrics Show Green Despite Bearish Market
Amidst the prevailing bearish sentiment, certain crucial metrics for Shiba Inu still exhibit positive trends. Notably, large transactions exceeding $100,000 have seen a remarkable surge, spiking by 276.29% in the last 24 hours to reach $212.56 million, according to data from IntoTheBlock (ITB).
Additionally, the transaction count on the Shiba Inu network has experienced a notable increase of 5.62%, rising from 5,200 to 5,750 as of April 10. This uptick suggests heightened activity within the network, potentially indicating growing interest or usage of the token.
Furthermore, trading volume has witnessed a substantial jump of $167.03 million within 24 hours, reaching $1,199,915,774. This surge in trading volume signals increased participation from traders, highlighting sustained interest in the asset despite the overall market downturn.
Important:Â Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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