Amid a bearish recession that hit the cryptocurrency market on Friday, Shiba Inu SHIB/USD underwent a significant liquidation event, with $3.63 million of SHIB, or approximately 14.8 trillion tokens, liquidated in the last 24 hours.
The data, derived from CoinGlass, highlights the impact of market volatility on one of the popular meme coins.
Despite downward pressure causing SHIB’s price to drop 12.17% over the past day and drop 11% over the week, some key Shiba Inu metrics remain positive.
Notably, large transactions on the network, defined as those exceeding $100,000, increased by 276.29% to $212.56 million.
This indicates a significant level of activity and perhaps confidence among major investors.
Additionally, data shows that the Shiba Inu network saw a 5.62% increase in transaction count, rising to 5,750 from 5,200 on April 10.
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Trading volume also saw a bullish increase, jumping by $167.03 million in 24 hours to $1,199,915,774. This suggests that despite falling prices and substantial liquidation, interest in Shiba Inu remains high among traders.
Meanwhile, investor confidence in SHIB remains solid, with over 12,000 addresses holding at least 1 billion SHIB tokens. According to data from IntoTheBlock, 73% of SHIB investors have held their tokens for over a year, demonstrating long-term commitment regardless of short-term market fluctuations.
The data shows that the majority of addresses hold between 1 and 10 billion SHIB tokens, while a smaller fraction (around 51) hold between 1 trillion and 100 trillion SHIB tokens.
With cumulative balances in the billions, these larger portfolios underline considerable confidence among major SHIB holders.
Despite the cryptocurrency market downturn, Shiba Inu’s strong transactional and business metrics suggest the potential for future recovery.
At the time of writing, SHIB was trading at $0.00002458, down nearly 9% in the past 24 hours.
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