Shiba Inu (SHIB) has experienced a sudden price dump of -50% today only on Coinbase. This usually happens when a sell order exceeds the market depth availability.
Shiba Inu (SHIB): the sudden -50% price dump on Coinbase
Shiba Inu (SHIB) is catching everyone’s attention for its bullish trend in the last few days, surpassing the performance of the main cryptocurrencies.
Yet, it has been noticed that today, the memecoin is recording volumes of over 1.7 billion dollars on Coinbase, but also a sudden dump of -50% on its price.
Spot $SHIB volumes crossed $1.7 billion on Coinbase in the past 24 hours, the most among counterparts. By @shauryamalwa.https://t.co/2tiNvSLrOh
— CoinDesk (@CoinDesk) March 5, 2024
Basically, it is a volatile trading session that saw SHIB slip from $0.000044 to $0.000022 on Coinbase amid a sell-off driven by bitcoin (BTC) among major tokens.
Compared to the price drop of SHIB to $0.000036 on other crypto exchanges like Bybit and Kraken, the drop on Coinbase was considered an anomaly.
Usually, these drops occur when a sell order exceeds the market depth, or the available liquidity at a certain moment on a specific exchange.
Not by chance, this morning, SHIB recorded a market depth of 1.2 million dollars on Coinbase, against SHIB spot volumes that exceeded 1.7 billion dollars.
Shiba Inu: the slip of SHIB on Coinbase and the price performance of the memecoin
Apparently, the sudden drop in the price of SHIB on Coinbase seems to be a very small slip of the memecoin compared to its overall price performance.
And indeed, at the time of writing, SHIB is worth 0.000034$, even though a few hours ago it had reached and exceeded the price of 0.000044$.
It is therefore a price pump for SHIB of +54% in the last 24 hours and +288% in the last seven days.
The market cap of SHIB has now reached $23.6 billion, just a step away from the almost $26 billion of Dogecoin (DOGE), its bitter rival.
By making a comparison, DOGE follows the bullish trend with lower performance than SHIB. Its price pump in the last 24 hours is +11% and in the last seven days it is +92%.
The general trend of memecoins
If we want to delve deeper into the memecoin category, to which SHIB ranks second, just behind DOGE, the prices of the last seven days seem to be mostly pumping by over +100%.
And indeed, in the last week, the price of PEPE has increased by +245%, BONK by +164%, dogwifhat (WIF) by +230% and FLOKI by +187%.
These memecoins all have a market cap of over one billion dollars. Specifically, there is PEPE which has reached 3.15 billion dollars, BONK 2.4 billion dollars, WIF 1.87 billion dollars, and FLOKI 1.33 billion dollars.
