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Shiba Inu (SHIB) has witnessed a dramatic surge in exchange outflows. It is a crucial update that comes at a time of uncertainty on the broader crypto market. The recent crypto crash caused significant trouble for holders, as there were major losses. CoinMarketCap reports that the global crypto market cap has fallen 3.26% over the last day to $2.11 trillion.
The highly popular meme coin Shiba Inu also crumbled during this time. Its price fell from $0.00001459 to a low of $0.00001358 in a few hours. Notably, the meme coin touched the $0.00001358 level two times over the last 24 hours. This pushed investors to sit on the sidelines for the time being.
Almost $658.76K were wiped out from the SHIB market in the last 24 hours, according to CoinGlass data. Out of the total, a whopping $592.72K came in long liquidations. These figures show how this market meltdown hampered positive sentiment in the community. It also shows how volatility can result in significant losses for traders.
Silver lining for Shiba Inu
This crypto crash started on Aug. 27, and while it was a brutal situation, SHIB holders have shown their determination. Exchange outflows for the meme coin, according to CryptoQuant, surged on this very day. More than 624 billion Shiba Inu tokens were taken out of crypto exchanges on Aug. 27. This rise in exchange withdrawals suggests that traders were taking advantage of the market dump.
Instead of panic selling, Shiba Inu traders were buying the dips. It is a great sign for the popular meme coin as it suggests that investor confidence and interest has not been affected. Bullish sentiment is still prevailing on the market. In fact, the SHIB price has also achieved a minor recovery, as it is currently trading at $0.00001405. The marketwide crash is also cooling down, so more gains are expected from here.
Godfrey Benjamin
Arman Shirinyan