Amid a bearish downturn affecting the crypto market on Friday, Shiba Inu SHIB/USD has experienced a significant liquidation event, with $3.63 million worth of SHIB, or approximately 14.8 trillion tokens, being liquidated in the last 24 hours.
The data, derived from CoinGlass, highlights the impact of the market’s volatility on one of the popular meme coins.
Despite the downward pressure causing a 12.17% decrease in SHIB’s price over the past day and an 11% drop over the week, certain key metrics of Shiba Inu remain positive.
Notably, large transactions on the network, defined as those exceeding $100,000, have surged by 276.29% to $212.56 million.
This indicates a significant level of activity and possibly confidence among larger investors.
Additionally, the data shows Shiba Inu network saw a 5.62% increase in transaction count, rising to 5,750 from 5,200 on April 10.
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Trading volume also saw a bullish uptick, jumping by $167.03 million in 24 hours to $1,199,915,774. This suggests that despite the price drop and substantial liquidation, interest in Shiba Inu remains high among traders.
Meanwhile, investor confidence in SHIB remains robust, with over 12,000 addresses holding at least 1 billion SHIB tokens. According to data from IntoTheBlock, 73% of SHIB investors have held their tokens for over a year, demonstrating a long-term commitment regardless of short-term market fluctuations.
The data shows that most addresses hold between 1 billion and 10 billion SHIB, while a smaller fraction (around 51) possess between 1 trillion and 100 trillion SHIB tokens.
With cumulative balances in the billions, these larger wallets underscore a notable confidence among major SHIB holders.
Despite the crypto market downturn, Shiba Inu’s strong transactional and trading metrics suggest the potential for future recovery.
At the time of writing, SHIB was trading at $0.00002458, down by almost 9% in the last 24 hours.
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