During a volatile crypto trading session, Shiba Inu (SHIB) experienced a transient 50% drop on the U.S. exchange Coinbase, with prices swiftly recovering in an unusual occurrence. This decline, from $0.000044 to $0.000022, coincided with a broader sell-off led by Bitcoin (BTC).
The anomaly on Coinbase was distinct, as prices on other exchanges, such as Bybit and Kraken, averaged $0.000036 during the same period. Typically, such drops occur when a sell order surpasses the available market depth or liquidity at a specific point on a particular exchange. As of European morning hours, SHIB has a market depth of $1.2 million on Coinbase.
Despite the morning sell-off, SHIB demonstrated resilience by posting a 45% gain in the past 24 hours. This stands in contrast to the broader CoinDesk 20 index (CD20), which saw a 3% increase during the same period.
Notably, spot SHIB volumes on Coinbase exceeded $1.7 billion in the past 24 hours, surpassing counterparts and emphasizing Coinbase’s significance as one of the primary platforms for U.S.-based retail investors to engage in crypto markets.
The broader meme coin sector has recently witnessed a notable rally, with a remarkable 100% surge in the past week, as indicated by data from CoinGecko. The ongoing volatility in the crypto market, combined with the meme coin sector’s momentum, underscores the dynamic nature of digital asset trading.
