Bitcoin Faces Major Liquidations While Shiba Inu's Price and Network Metrics Decline
Bitcoin Faces Major Liquidations While Shiba Inu's Price and Network Metrics Decline
The crypto market is experiencing significant pressure, with Bitcoin (BTC) enduring a massive liquidation event that flushed out millions in long positions. Concurrently, Shiba Inu (SHIB) is facing a dual challenge as its price shows signs of potential decline and its Layer 2 network, Shibarium, reports a drastic 54% drop in key metrics overnight, signaling broader market weakness for the meme coin.
Bitcoin Under Pressure from Extensive Liquidations
Bitcoin (BTC) bulls are under considerable pressure following a wild 512.73% liquidation imbalance that saw $268.07 million in BTC longs flushed out. This significant price correction is prompting concerns across the market as Bitcoin's price revisits the $94,000 mark amidst the volatility.
Shiba Inu Navigates Price Decline and Shibarium Downturn
Shiba Inu (SHIB) is facing a challenging period, with analysts observing potential further declines below the $0.0000090 threshold. Adding to these concerns, SHIB's Layer 2 solution, Shibarium, has experienced a sharp downturn. Key network metrics for Shibarium dropped by 54% overnight, raising questions about the sudden decline in activity. Market data is being analyzed to uncover the underlying reasons for this significant network metric reduction.