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After doubling its price Shiba Inu experienced 50% price drop. Last couple of weeks was profitable for memecoins. Shiba price went up nearly 340%. But this morning Shiba Inu’s price dropped dramatically 50% on Coinbase.
Shiba Inu’s Price Dropped on Coinbase
Shiba Inu experienced a significant drop in prices, plummeting by 50% on the U.S. exchange Coinbase during the early hours of Tuesday in Asia. However, this decline was transient, with prices swiftly returning to normal, marking an unusual occurrence in the market.
The drop occurred amidst a volatile trading session for cryptocurrencies, with Shiba Inu falling victim to a sell-off primarily led by Bitcoin. On Coinbase, SHIB dipped from $0.000044 to $0.000022, while other exchanges like Bybit and Kraken reported an average price of $0.000036, indicating the Coinbase drop as an outlier.
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Such sharp declines typically happen when a substantial sell order surpasses the available liquidity on an exchange. As of the European morning hours, SHIB had a market depth of $1.2 million on Coinbase.
Despite this setback, SHIB saw robust trading activity on Coinbase, with volumes exceeding $1.7 billion in the past 24 hours, surpassing its counterparts. Coinbase remains a crucial platform for U.S.-based retail investors seeking access to the crypto markets due to its regulatory compliance.
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