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75 Billion Shiba Inu in 24 Hours, What's Happening?

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Thu, 30/05/2024 - 12:55
75 Billion Shiba Inu in 24 Hours, What's Happening?
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There is a significant shift in the market outlook today as the combined crypto market liquidation has topped $155.7 million as the Bitcoin (BTC) and Ethereum (ETH) prices slipped. Of the altcoins impacted, Shiba Inu (SHIB) notably comes into the spotlight with a 24-hour liquidation of $1.95 million. This marks more than 75 billion SHIB liquidated within a 24-hour timespan.

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Shiba Inu bulls taking heat

According to data from CoinGlass, the major brunt of this SHIB liquidation is being felt by the token’s bulls. With the class of traders going long on Shiba Inu, the total liquidation they recorded comes in at $1.7 million. This compared to a total of $255,590 for short liquidations overall.

Going long on Shiba Inu comes as a natural move considering how the token started this week. Its price soared as high as 15% on May 28, growth that saw it temporarily displace Avalanche (AVAX), Toncoin (TON) and Cardano (ADA) to take its place as the ninth largest digital currency.

However, the current price slip and liquidation have changed its narrative and dragged it back to 11th place. At the time of writing, Shiba Inu suffered a major rejection at $0.00003 and is worth $0.00002626, down by 4.66% in the past 24 hours. Its market capitalization is now pegged at $15,465,877,648, and trading volume slipping by over 38% to $1,485,587,758.

Surviving the heat

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From related crypto liquidation data, the more the growth of any digital currency, the bigger its liquidation. Despite liquidating more than 75 billion tokens overnight, SHIB still saw a relatively milder plunge in this metric compared to its other top meme coin rivals, Dogecoin (DOGE) and PEPE.

Overall, the other positive sentiments in the broader crypto ecosystem will help it survive the liquidation heat. Also, the recovery of BTC and ETH might also help fuel its revival in the short term.

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