Shiba Inu’s (SHIB) exchange outflows have increased dramatically. This important upgrade is released at a time when the whole cryptocurrency market is unclear. Because there were huge losses in the most recent cryptocurrency meltdown, holders had serious difficulties. The value of the worldwide cryptocurrency market has decreased by 3.26% to $2.11 trillion during the past day, according to CoinMarketCap.
During this period, the extremely well-liked meme currency Shiba Inu also collapsed. In a few of hours, the price dropped from $0.00001459 to a low of $0.00001358. Notably, throughout the course of the previous day, the meme currency crossed the $0.00001358 threshold twice. This caused investors to temporarily withdraw their money.
According to CoinGlass statistics, the SHIB market lost over $658.76K on the previous day. A staggering $592.72K of the total came from lengthy liquidations. These numbers demonstrate how the market collapse hindered communal optimism. It also demonstrates how traders may suffer substantial losses as a result of volatility.
Silver lining for Shiba Inu
Despite the terrible circumstances surrounding this crypto meltdown, which began on August 27, SHIB holders have demonstrated their tenacity. According to CryptoQuant, exchange outflows for the meme currency increased on this particular day. On August 27, over 624 billion Shiba Inu coins were removed from cryptocurrency exchanges. It appears that traders were taking advantage of the market dump based on the increase in exchange withdrawals.
Traders of Shiba Inus were buying the dips, not panic selling. It indicates that investor trust and interest have not been impacted, which is excellent news for the well-known meme coin. There is still a bullish attitude in the market. As of right now, the SHIB price is trading at $0.00001405, indicating that it has also made a slight comeback. Further gains are anticipated from this area as the market-wide fall is also starting to fade.
