Despite this bearish development, SHIB’s key indicators are showing resilience, painting a more nuanced picture for the market. The entire cryptocurrency market has been under intense selling pressure, leading to significant liquidation. Like many other assets, Shiba Inu has also been bearing the brunt of this trend.
Long traders betting on the token’s future growth accounted for the majority of the liquidation, totaling $3.45 million, while short traders betting on a price drop led to a larger liquidation total of $186,400.
Shiba Inu prices and recovery attempts
Shiba Inu’s recent price drop has derailed attempts to recover, with the token currently trading at $0.00002453. Despite these challenges, the token has managed to maintain support at the $0.000023 price level, although the outlook for overcoming the headwinds remains unclear.
Amid the market turmoil, some key indicators for Shiba Inu are showing strength, especially the number of large transactions over $100,000 that have increased significantly.
According to data from IntoTheBlock (ITB), these large transactions have surged 276.29% in the past 24 hours, reaching a total value of $212.56 million. This increase in large transactions indicates continued interest and activity in SHIB despite the current bearish sentiment.
The number of transactions on the Shiba Inu network increased 5.62% from 5,200 to 5,750 as of April 10. Trading volume surged $167.03 in the past 24 hours, reaching $1,199,915,774. This increase indicates growing trader interest in the asset.
Contrasting trends in SHIB’s key indicators paint a mixed picture of market trends. While the token has faced significant liquidation and price declines, the resilience of key indicators such as large transactions suggests underlying strength. SHIB’s future trajectory remains unclear, with market participants closely watching for signs of a potential turnaround.
