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The crypto market is facing a very bearish stress test with close to $1 billion liquidated across the board. One of the major assets impacted by this trend is Shiba Inu (SHIB) as it has seen a total of $3.63 million in liquidation over the past 24 hours, per CoinGlass data. This liquidation figure amounts to 14.8 trillion worth of SHIB liquidated within this period.
Tomiwabold OlajideLong traders are those betting on the future growth of the token, a group that saw the larger part of the liquidation, which comes in at $3.45 million. Short traders, who bet on the price fall, also saw a total of $186,400 taken out of circulation as volatility also impacted price action.
The Shiba Inu price drop comes off as a major derailment in its recovery attempt. The token is changing hands for $0.00002425, down by 12.17% in the past 24 hours and by more than 11% for the week. The concerns remain for Shiba Inu as many of its metrics are recording opposite or conflicting growth trends.
While the token has managed to maintain its support at the $0.000023 price mark, the likelihood of headwinds clearing is pegged at an average odd overall.
SHIB metrics in green
Despite the current bearish outlook, some key Shiba Inu metrics are still in the green. Some of these include large transaction counts worth $100,000 or more. Per data from IntoTheBlock (ITB), these large transactions have soared as high as 276.29% in 24 hours to $212.56 million.
The transaction count on the Shiba Inu network also has a 5.62% surge to 5,750, up from 5,200 as of April 10. The last metric with a bullish uptick is the trading volume, which has jumped by $167.03 in 24 hours to $1,199,915,774, a sign that more traders are interested in the asset.
Arman Shirinyan
Alex Dovbnya
U.Today Editorial Team
Vladislav Sopov
Dan Burgin