Another wave of risk aversion hit the financial market, resulting in a significant drop in the cryptocurrency market, with Bitcoin losing nearly $4,000 in value and falling to $40,000. While the majority of altcoins are attempting to recover from a flash crash, Shiba Inu appears unconcerned.
According to TradingView, Shiba Inu is currently experiencing a 5% price increase, following a 57 percent increase in three days. Despite an impressive price increase followed by a significant volume increase, whales and retail traders were unable to sustain the selling pressure for long enough, causing SHIB to drop below the $0.00003 threshold once more.
As for the Shiba Inu whales, who frequently completely change the market’s shape, previously existing buying power is no longer anywhere near the same levels, as the majority of whales have abandoned the market and prefer holding onto the asset rather than accumulating more coins.
Shiba Inu’s main competitor, Dogecoin, was unable to match the same positive performance and is still trading near the month’s low. The most recent market surge did not help the first meme cryptocurrency, which failed to break through the $0.15 resistance zone.
The market’s second-largest cryptocurrency, Ethereum, is also following the general trend and has lost approximately 8% of its value in the last 24 hours, causing the same price action on smaller cryptocurrencies.
Following a sharp market drop, some digital assets are beginning to show signs of recovery, with Bitcoin trading with a 0.6 percent price increase in the last 24 hours. Traders, however, are not rushing to support the recovery, according to volume profiles.
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