During a recent downturn in the cryptocurrency market, Shiba Inu, represented as SHIB/USD, faced a notable liquidation event. Approximately 14.8 trillion tokens, valued at $3.63 million, were liquidated within the span of 24 hours, according to data from CoinGlass. This occurrence sheds light on the impact of market volatility on this popular meme coin.
Despite the decline in SHIB’s price by 12.17% over the past day and 11% over the week, certain key indicators for Shiba Inu remain positive. Large transactions on the network, defined as those exceeding $100,000, have surged by 276.29% to $212.56 million, indicating significant activity and possibly reflecting confidence among larger investors.
Furthermore, there has been a 5.62% increase in transaction count on the Shiba Inu network, rising from 5,200 to 5,750 since April 10. Trading volume also experienced a bullish uptick, increasing by $167.03 million in 24 hours to $1,199,915,774.
These metrics suggest sustained interest in Shiba Inu despite the price drop and significant liquidation.
Investor confidence in SHIB remains strong, as evidenced by more than 12,000 addresses holding at least 1 billion SHIB tokens. Data from IntoTheBlock reveals that 73% of SHIB investors have held their tokens for over a year, showcasing a dedication to the long-term prospects of the investment, despite short-term market fluctuations.
The majority of addresses contain SHIB holdings ranging from 1 billion to 10 billion, with a smaller portion (approximately 51) holding SHIB tokens between 1 trillion and 100 trillion. These larger wallets demonstrate notable confidence among major SHIB holders.
Despite the recent downturn in the crypto market, Shiba Inu’s strong transactional and trading metrics suggest potential for future recovery. At the time of writing, SHIB was trading at $0.00002458, marking a nearly 9% decrease in the last 24 hours.
