According to U.Today, the cryptocurrency market is undergoing a severe stress test, with nearly $1 billion liquidated across various assets. Shiba Inu (SHIB), a major cryptocurrency, has been significantly affected, experiencing a liquidation of $3.63 million in the past 24 hours, according to CoinGlass data. This figure equates to 14.8 trillion SHIB being liquidated during this period.
Long traders, those who bet on the future growth of the token, bore the brunt of the liquidation, which totaled $3.45 million. Short traders, who speculate on a price drop, also saw $186,400 removed from circulation due to market volatility. The price of Shiba Inu has dropped to $0.00002425, a decrease of 12.17% in the past 24 hours and over 11% for the week. This drop is a significant setback in the token's recovery efforts.
Despite the bearish outlook, some key Shiba Inu metrics remain positive. Large transactions worth $100,000 or more have increased by 276.29% in 24 hours to $212.56 million, according to data from IntoTheBlock (ITB). The transaction count on the Shiba Inu network has also risen by 5.62% to 5,750, up from 5,200 as of April 10. Trading volume has also seen a bullish uptick, increasing by $167.03 in 24 hours to $1,199,915,774, indicating increased trader interest in the asset.
However, concerns persist for Shiba Inu as many of its metrics show conflicting growth trends. While the token has managed to maintain its support at the $0.000023 price mark, the chances of overcoming potential obstacles are considered average at best.