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Shiba Prices Briefly Dropped 50%

March 5, 2024
in Coins, Market, News
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/ freepik

/ freepik

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Shiba Inu (SHIB) prices briefly fell 50% on U.S. exchange Coinbase in early Asia morning hours on Tuesday before returning to normal in an unusual move.

SHIB slipped from $0.000044 to $0.000022 on Coinbase amid a bitcoin (BTC) led sell-off among major tokens. Prices fell to an average of $0.000036 on other exchanges, such as Bybit and Kraken, marking the Coinbase drop as an anomaly.

Such drops usually occur when a sell order exceeds the available market depth – or liquidity at any given point on a certain exchange. As of European morning hours, SHIB has a market depth of 1.2$ million on Coinbase.

As such, spot SHIB volumes crossed $1.7 billion on Coinbase in the past 24 hours, the most among counterparts. The regulated exchange is one of the only avenues through which U.S.-based retail investors can participate in the crypto markets.

Despite the morning sell-off, SHIB prices are up 45% in the past 24 hours.

Source: Coinbase
Tags: SHIB

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