Well-known cryptocurrency based on memes This time, the absurd imbalance of liquidations that surfaced during the last day has caused Shiba Inu (SHIB) to once again dominate the news headlines. Thus, $2.65 million worth of liquidations with Shiba Inu token futures occurred during the course of the last day, according to statistics from CoinGlass. There are nearly seven times as many liquidated long holdings, totalling $2.31 million.
The price chart of the well-known meme cryptocurrency clearly shows the causes of this imbalance.
What’s up with SHIB price?
The price of SHIB initially fell 6.92% to $0.00002283 over the reviewed time. After hitting a low point, the price of SHIB increased to $0.00002432 before plummeting by almost 3% once more.
This price action, which is comparable to a roller coaster ride, was the cause of both the significant difference between bullish and bearish liquidations as well as the magnitude of these liquidations.
The overall cryptocurrency market is similar in that, after many days of billion-dollar liquidations, the volume of futures contract liquidations in a single day surpassed $510 million.
Rapid price changes are both a result of and a cause of liquidations, and this is also true for SHIB. The necessity for bulls to liquidate their holdings and sell bitcoin since the price did not rise higher probably contributed to a portion of the recent decline.
It’s unclear what the future holds for Shiba Inu, but it’s likely that the cryptocurrency market, as represented by its players, will pause and reflect after such a tumultuous week. This implies that SHIB could stay trading in the present range for a while.
