Cryptocurrency markets witnessed seismic activity as Whale Alert, a leading service tracking large crypto transactions, reported a monumental transfer of Shiba Inu (SHIB) tokens. A staggering 1 trillion SHIB, equivalent to $28,814,000, was observed in transit from an undisclosed wallet to the portals of Gate.io, a major cryptocurrency exchange.2.Access to… pic.twitter.com/JSHW0OjKHr
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The announcement ignited hopes for a transformative development within the ecosystem. With anticipation building as the countdown to beta testing begins, SHIB holders eagerly await the opportunity to immerse themselves in the world of Shiba Eternity.
SHIB down in the last 24 hours. Source: Coingecko.
Navigating Uncertainty Amid Liquidation Surge
As the SHIB market grappled with uncertainty, investors faced a tumultuous landscape of fluctuating prices and heightened liquidations. In the past 24 hours, SHIB experienced a significant downturn, with prices plummeting by 14.27%.
Bitcoin is now trading at $66.317. Chart: TradingView
Adding to market jitters, data from CoinGlass revealed a surge in liquidations totaling a staggering $5,280,000. Of this amount, $4,080,000 stemmed from long liquidations, while $1,200,000 resulted from short liquidations.
Shiba Inu Shows Resilience
Despite the recent dip, SHIB has demonstrated remarkable resilience over the past month, boasting a staggering 194% increase following a substantial rally. However, the influx of SHIB tokens to Gate.io has cast a shadow of doubt over the market’s stability, leaving the SHIB community on edge.
Featured image from Pixabay, chart from TradingView
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Author: Christian Encila
