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XRP and Shiba Inu (SHIB) Lead in 24-Hour Liquidations: Here's Who Got Punished Most

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Sun, 24/09/2023 - 14:39
XRP and Shiba Inu (SHIB) Lead in 24-Hour Liquidations: Here's Who Got Punished Most
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In the fast-paced world of crypto, the last 24 hours have seen a flurry of activity, with a whopping $13.62 million in transactions liquidated, leaving traders reeling from the consequences. The liquidation map from Coinglass reveals some intriguing insights, particularly with regard to two crypto giants — Shiba Inu (SHIB) and XRP — who took the significant share of the hit.

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Out of the total liquidation amount, $7.79 million originated from long positions, representing buyers, while $5.83 million came from sellers, indicating rather mixed sentiment of market participants.

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SHIB enthusiasts, brace yourselves, as $624,080 worth of SHIB trades were liquidated during this tumultuous period. What's striking is that nearly 60% of these liquidations involved bullish positions. Delving deeper, we find that for the instrument 1000SHIB, a futures contract multiplying SHIB's price by 1,000, the longs outweighed the shorts by an astonishing 2.83 to 1 ratio. Conversely, for the standard SHIB instrument, the ratio favored shorts, standing at 1 to 3.3.

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Source: Coinglass

Turning our attention to XRP, it appears that XRP bulls have faced their share of challenges recently. Within the same 24-hour time frame, a staggering $259,860 in XRP trades were liquidated, with a staggering 94.55% of these liquidations linked to long positions. The odds for sure have not been in favor of XRP bulls.

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With the crypto market's volatile nature, it remains to be seen how these assets will fare in the coming days. One thing is certain, it will continue to be a high-stakes arena where fortunes are won and lost in the blink of an eye.

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