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The market is undergoing an intensive rout - one that has triggered a more than $1.06 billion liquidation from more than 278,500 traders. Shiba Inu is prominently featured in this unexpected market crash, as its price has fallen by 14.66% in 24 hours to $0.00001197, per CoinMarketCap data. This rout has suppressed the market capitalization of the meme coin to $7.09 billion.
Expected Shiba Inu rodeo
Shiba Inu is not a stranger to price falls, as it is generally even more volatile than the average digital currency. In its short history, a period of consolidation generally trails its epic price falls; however, a resurgence is often experienced afterward.
Tomiwabold OlajideWith the price of SHIB slipping to its current level, it risks erasing one zero from its price ultimately. Though this might sound like a major setback, it can also form a unique reset for the meme coin. This reset will imply the price is depressed enough to start welcoming additional inflows altogether.
The trend is already visible in its trading volume. This metric has jumped by more than 210% in the past 24 hours to $661,447,865. This indicates the intensive trading activity on the network, which might soon translate to price growth overall.
Cushion push
Amid the price fall, Shiba Inu is notably getting a major anchor to exhibit how resilient it can be. For one, top executives are helping the market keep calm in the face of intensive sell-offs.
The ShibArmy is also focusing on some of the new advances within its ecosystem, like the forthcoming Shiba Eternity game. Besides, the focus also hinges on what new product the core developer team might announce in the coming weeks.
As a fast-growing ecosystem, there is much to focus on for SHIB rather than just this current price slump.
Arman Shirinyan
Alex Dovbnya
Dan Burgin
U.Today Editorial Team
Vladislav Sopov