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Shiba Inu Traders Experienced Lower Liquidations Than Other Altcoins Amid 12% Drop; Here's Why

Mon, 06/13/2022 - 13:30
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Tomiwabold Olajide
Shiba Inu futures saw fewer losses at over $1.35 million
Shiba Inu Traders Experienced Lower Liquidations Than Other Altcoins Amid 12% Drop; Here's Why
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The majority of cryptocurrencies have lost key support levels in the last 24 hours due to waning sentiment in the broader crypto market, resulting in approximately $883 million in liquidations, per Coinglass data.

Ether-tracked futures lost over $358 million, which is pretty close to the $400 million loss experienced by Bitcoin futures. During the current market sell-off, futures on Solana, Dogecoin and XRP lost $18.60 million, $4.77 million and $5.54 million, respectively. Futures on Cardano's ADA lost $7.53 million, while Avalanche (AVAX) saw $4.89 million in losses.

However, Shiba Inu futures saw fewer losses at over $1.35 million, partly due to its cheaper valuation.

According to WhaleStats data, Shiba Inu continues to face accumulation from whales, ranking among the most purchased tokens for the top 500 ETH whales in the last 24 hours.

Shiba Inu's utility has spiked among whales as SHIB remains one of the most used smart contracts among the top 2,000 #ETH whales in the last 24 hours.

Shiba Inu price action

Shiba Inu fell as low as $0.0000073 in the early hours of Monday, losing some 12% of its value over the past 24 hours. Shiba Inu has added an extra zero to its price tag as it is set to mark the seventh consecutive day of losses.

Price charts show support at $0.000006 or lower and then a barrier at $0.0000014, which has operated as resistance since mid-April. Shiba Inu soared thousands of percent to reach all-time highs of $0.000088 on Oct. 28, 2021, after similar bottom levels were reached prior.

Also, Shiba Inu gained more holders in June. According to WhaleStats, the total number of SHIB holders is currently 1,178,528. The average SHIB balance of the top 100 SHIB holders also slightly increased, to 2.8 billion at press time.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.