Another wave of risk-off tendencies hit the financial market, which caused a major drop in the cryptocurrency market, with Bitcoin losing almost $4,000 from its value and dropping to $40,000. But while most altcoins are trying to recover from a flash-crash, Shiba Inu does not seem to be bothered.
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.
As for the Shiba Inu whales that quite often completely change the shape of the market, the previously existing buying power is now nowhere near the same levels as the majority of whales abandoned the market and prefer holding onto the asset rather than accumulating 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 on the market—Ethereum—is also following the general trend and losing approximately 8% of its value in the last 24 hours, which most likely causes the same price action on 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.
Valeria Blokhina
Tomiwabold Olajide
Yuri Molchan