The last 24 hours in the ever-volatile world of cryptocurrencies have witnessed ups and downs that have left traders and enthusiasts on their toes. A staggering $13.62 million in transactions were liquidated during this crazy period, creating ripples throughout the market. Coinglass’s liquidation map paints a vivid picture, revealing that Shiba Inu (SHIB) and XRP are bearing the brunt of this tumultuous journey, each facing unique challenges.
SHIB took a hit
For Shiba Inu enthusiasts, the last few hours have been nothing short of frustrating. A total of $624,080 worth of SHIB transactions were liquidated during this whirlwind, and a staggering 60 percent of these liquidations were tied to bullish positions. When we dig deeper into the data, it turns out that long positions outnumber short positions by an impressive 2.83 to 1 ratio for the 1000SHIB futures contract. However, short positions for the standard SHIB instrument held the upper hand at a ratio of 3.3 to 1.
XRP’s uphill battle continues
XRP, on the other hand, faced its share of challenges in the same 24-hour period. A staggering $259,860 was liquidated in XRP transactions, and a staggering 94.55% of these liquidations were linked to long positions. The odds were clearly not in favor of XRP bulls. With the crypto market notoriously volatile, the question on everyone’s mind is how these assets will fare in the coming days. One thing is certain: cryptocurrency remains a high-risk arena where fortunes can be made or lost in the blink of an eye.
Burning rates are increasing in Shiba Inu
If we turn our attention to the Shiba Inu burn rate, it has increased significantly in the past week. According to data provided by the Shibburn initiative, Shiba Inu weekly burn rate has increased by an impressive 37.14%. In the last seven days, 782,347,341 SHIB tokens, equivalent to a dollar value of $5,797, were burned in 75 transactions. Comparing this to the previous week’s SHIB burn of 570,455,129, we see a notable increase of 212 million tokens burned. However, it is worth noting that the daily burn rate has dropped by approximately 67% and 79,598,642 SHIB tokens amounting to $589 have been burned in the last 24 hours alone.
Amidst these developments, Shiba Inu has witnessed a significant rise, with trading volume increasing by 100% in the last 24 hours. During this period, 18,780,662,117,246 SHIB tokens were traded, equivalent to $138 million. Shiba Inu briefly reached $0.0000077 on September 23 but has since consolidated and is currently trading at $0.0000073. The key question for investors is whether SHIB can break out of its current trading range. A decisive move above the daily moving averages of $0.0000082 and $0.0000088 could signal a breakout. The daily RSI just below the neutral 50 level adds an interesting layer to the analysis.
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