Shiba Inu Cryptocurrency Skyrockets by 699000% in an Hour due to Liquidity Distortion
In the world of cryptocurrencies, the Shiba Inu ecosystem has recently experienced an unexpected event. Development work for LEASH v2, a potential update to the popular meme coin's ecosystem, has begun.
However, the Shiba Inu token itself has seen a significant setback. According to data from CoinGlass, the total liquidation for SHIB in the last hour amounted to $111,860, with long liquidations accounting for a staggering $111,840 of this total. Interestingly, short liquidations came to a surprising $16.50, creating a 699,000% imbalance between long and short positions.
This trading contributed to a 3% daily loss and a 7% weekly loss for SHIB. The sudden drop in SHIB's value, from $0.0000128 to $0.0000122, seems to be the cause of this imbalance.
Despite the liquidation, the Shiba Inu team is pressing on. They are currently consulting with advisors on features and architecture for LEASH v2, which has been speculatively named Zama.
Meanwhile, the broader cryptocurrency market has also been in flux. Major cryptocurrencies, including Shiba Inu, mirrored this trend, leading to an unwinding of long positions on the derivatives market. Bitcoin, for instance, reversed to trade near $113,000 after previously surpassing $116,000.
The market reversed in the early Tuesday session, awaiting the Federal Reserve's July meeting minutes and the Jackson Hole symposium. Chair Jerome Powell is also set to give a speech on Friday.
As always, the world of cryptocurrencies continues to evolve, with both challenges and opportunities for investors and enthusiasts alike.
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