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Shiba Inu Trader Activity Returns Amid $440 Million Market Shorts Wipeout
TL;DR
Shiba Inu's price increased nearly 3% to $0.00000594, with trading volume rising 50% to $127.25 million. Derivatives market volume also surged by over 102%, indicating heightened trader activity.
Key points
- Shiba Inu price rose nearly 3% to $0.00000594
- Trading volume increased 50% to $127.25 million
- Derivatives market volume surged 102.48% to $161.13 million
- Open interest rose 3.12% to $62 million
- Price needs to clear $0.000006 level
The Shiba Inu price is in green alongside increased trading volume. At the time of writing, SHIB was edging higher, up nearly 3% in the last 24 hours to $0.00000594. Its trading volume has increased 50% within the specific time frame to $127.25 million, according to CoinMarketCap data, a different scenario from that seen in the past week, when its trading volumes largely dwindled.
On the derivatives market as well, Shiba Inu volume is up 102.48% to $161.13 million, indicating increased trader activity.
The increased volumes accompanying the Shiba Inu price rise might suggest traders' participation rather than an indefinite move. Open interest, which refers to the number of unsettled positions in the market, rose 3.12% in the last 24 hours to $62 million, indicating that traders are betting on price moves.
The Shiba Inu price move looks constructive, sustaining above the daily MA 50 at $0.00000584; however, it is yet to clear the $0.000006 level, which really matters.
Shiba Inu touched this level when it reached an intraday high of $0.000006, but bulls are yet to capitalize on the move.
SHIB's broader pattern still reflects sideways trading, with the price staying in a range between $0.00000562 and $0.00000644 since mid-March. This suggests a larger move is likely but not yet confirmed.
$445 million short liquidations hit crypto market
The crypto market saw significant gains on Tuesday as risk assets rallied while oil eased.
The rally led to about $545 million in crypto liquidations, according to CoinGlass data, mostly from short positions, as the majority of crypto assets posted daily and weekly gains.
A total of 171,184 traders suffered liquidations, with $445 million coming from shorts, the second major squeeze in less than a week.
The largest single liquidation was a $12.40 million BTC-USDT short on Aster. Bitcoin accounted for $236 million in total liquidations, while Ethereum followed at $136 million.
Q&A
What is the current price of Shiba Inu (SHIB)?
The current price of Shiba Inu (SHIB) is $0.00000594.
How much did Shiba Inu's trading volume increase recently?
Shiba Inu's trading volume increased by 50% to $127.25 million in the last 24 hours.
What does the increase in Shiba Inu's open interest indicate?
The increase in Shiba Inu's open interest by 3.12% to $62 million indicates that traders are betting on future price movements.
