Shiba Inu tops $1.7 billion on Coinbase despite price drop

Shiba Inu (SHIB) prices experienced a dramatic drop of 50% on the U.S. exchange Coinbase during the early hours of Tuesday morning. 

This plunge saw SHIB tokens nosediving from $0.000044 to $0.000022 before swiftly reverting to normal levels. The sudden price swing occurred amidst a broader sell-off in major tokens led by Bitcoin (BTC).

Coinbase anomaly amidst market sell-off

The significant drop in SHIB prices on Coinbase, one of the leading regulated exchanges, was notably distinct from the market behavior observed on other platforms. While SHIB prices plummeted on Coinbase, trading at an average of $0.000036 on exchanges such as Bybit and Kraken, this discrepancy marked the Coinbase drop as an anomaly.

Typically, such abrupt price fluctuations occur when a sell order surpasses the available market depth or liquidity on a specific exchange. As of the European morning hours, SHIB’s market depth on Coinbase stood at $1.2 million, shedding light on the dynamics behind the sharp price drop.

Despite the momentary setback, SHIB tokens have witnessed robust trading activity, with volumes exceeding $1.7 billion on Coinbase alone within the past 24 hours. This surge in trading volume positions SHIB as one of the most actively traded cryptocurrencies on the platform, outstripping its counterparts.

Coinbase’s status as a regulated exchange has made it a preferred avenue for U.S.-based retail investors seeking exposure to the crypto markets. The platform’s adherence to regulatory standards provides investors with a sense of security and trust, contributing to its popularity among traders.

Resilient price recovery and market performance

Following the morning sell-off, SHIB prices have demonstrated resilience, bouncing back by 45% within the span of 24 hours. This rapid recovery underscores the volatility inherent in cryptocurrency markets, where prices can experience sharp fluctuations driven by various factors, including market sentiment and external events.

While SHIB’s price trajectory has been subject to volatility, its recent performance highlights the enduring interest and enthusiasm surrounding the meme-inspired cryptocurrency. 

Despite facing occasional setbacks, SHIB continues to attract attention from investors and traders alike, contributing to its market resilience and longevity.

SHIB’s rollercoaster ride

The brief but significant drop in Shiba Inu (SHIB) prices on Coinbase has brought attention to the inherent volatility and unpredictability of the cryptocurrency markets. Amidst a broader sell-off led by Bitcoin, SHIB experienced a sharp decline before swiftly recovering to previous levels.

Despite the momentary setback, SHIB‘s trading volumes on Coinbase have surged to record highs, reflecting sustained market interest and activity. The platform’s regulatory compliance and reputation have solidified its position as a preferred choice for U.S.-based investors looking to engage in cryptocurrency trading.

As SHIB continues to navigate the dynamic crypto landscape, its resilience and market performance underscore the enduring appeal and potential of meme-inspired cryptocurrencies. Investors and traders remain vigilant amidst market fluctuations, recognizing the opportunities and risks inherent in this evolving asset class.