Shiba Inu is being hit by a quick recovery as the majority of assets are moving in the “red zone”
Another wave of risky trends hit the financial market, causing the cryptocurrency market to drop significantly, with Bitcoin losing nearly $4,000 in value and falling to $40,000. But while most altcoins are trying to recover from a flash-crash, Shiba Inu doesn’t seem to mind.
SHIB’s market performance
According to TradingView, Shiba Inu is currently going through a 5% price increase after showing a mind-blowing 57% increase in three days. Though an impressive price increase was followed by a significant volume increase, whales and retail traders could not hold the selling pressure long enough, which caused SHIB to drop below the $0.00003 threshold once again.
With respect to Shiba Inu whales which quite often completely change the shape of the market, the previously existing buying power is now far from the same levels as the majority of whales have dropped out of the market and prefer to hold the asset rather than accumulate more coins.
Altcoins are bleeding
Shiba Inu’s main “competitor”—Dogecoin—could not show the same positive performance and is still trading around the month’s bottom. The most recent pump of the market also could not help the first meme cryptocurrency, which failed to break through the $0.15 resistance zone.
The second largest cryptocurrency in the market, Ethereum, is also following the overall trend and losing about 8% of its value in the past 24 hours, most likely causing the same price action for smaller cryptocurrencies.
After a strong plunge of the market, some digital assets are showing the first signs of recovery as Bitcoin trades with a 0.6% price increase in the last 24 hours. But according to volume profiles, traders are not rushing to support the rebound.
