Despite this bearish turn, key metrics for SHIB show resilience, painting a more nuanced picture of the market. The broader crypto market has been under intense selling pressure, leading to considerable liquidations. Like many other assets, Shiba Inu has felt the brunt of this trend.
Long traders, those betting on the token’s future growth, accounted for the larger portion of liquidations at $3.45 million. Short traders speculated on price declines and saw significant liquidations totaling $186,400.
Shiba Inu Price and Recovery Attempt
The recent price drop in Shiba Inu has derailed its recovery attempt, with the token currently trading at $0.00002453. Despite these challenges, the token has managed to maintain support at the $0.000023 price level. However, the outlook for overcoming headwinds remains uncertain.
Amid the market turmoil, some key metrics for Shiba Inu are showing strength. Large transaction counts, specifically those worth $100,000 or more, have seen a significant increase.
According to IntoTheBlock (ITB) data, these large transactions have surged by as much as 276.29% in the past 24 hours, amounting to $212.56 million. This uptick in large transactions indicates continued interest and activity in SHIB despite the current bearish sentiment.
The number of transactions on the Shiba Inu network has increased by 5.62%, rising to 5,750 from 5,200 as of April 10. The trading volume has surged by $167.03 in the past 24 hours, reaching $1,199,915,774. This increase indicates growing interest from traders in the asset.
The contrasting trends in SHIB’s key metrics paint a complex picture of its market dynamics. While the token has faced substantial liquidations and price declines, the resilience in key metrics like large transactions suggests underlying strength. The future trajectory of SHIB remains uncertain, with market participants closely watching for signs of a potential turnaround.
