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Shiba Inu Prices Briefly Dropped 50% on Coinbase
The tokens have logged over $1.7 billion in volumes on the regulated exchange in the past 24 hours, the most among counterparts.
- Shiba Inu fell on Coinbase amid a volatile crypto trading session.
- Such a drop usually occurs when a sell order exceeds the available market depth.
Shiba Inu (SHIB) prices briefly fell 50% on U.S. exchange Coinbase (COIN) in early Asia morning hours on Tuesday before returning to normal in an unusual move.
SHIB slipped from $0.000044 to $0.000022 on Coinbase amid a bitcoin (BTC)-led sell-off among major tokens. Prices fell to an average of $0.000036 on other exchanges, such as Bybit and Kraken, marking the Coinbase drop as an anomaly.
STORY CONTINUES BELOW
Such drops usually occur when a sell order exceeds the available market depth – or liquidity at any given point on a certain exchange. As of European morning hours, SHIB has a market depth of $1.2 million on Coinbase.
As such, spot SHIB volumes crossed $1.7 billion on Coinbase in the past 24 hours, the most among counterparts. The regulated exchange is one of the only avenues through which U.S.-based retail investors can participate in the crypto markets.
Despite the morning sell-off, SHIB prices are up 45% in the past 24 hours. Meanwhile, the broader CoinDesk 20 index (CD20) is up 3%.
The meme coin sector has rallied recently, jumping over 100% in the past week, data from CoinGecko shows.
Shaurya Malwa
Shaurya is the Co-Leader of the CoinDesk tokens and data team in Asia with a focus on crypto derivatives, DeFi, market microstructure, and protocol analysis. Shaurya holds over $1,000 in BTC, ETH, SOL, AVAX, SUSHI, CRV, NEAR, YFI, YFII, SHIB, DOGE, USDT, USDC, BNB, MANA, MLN, LINK, XMR, ALGO, VET, CAKE, AAVE, COMP, ROOK, TRX, SNX, RUNE, FTM, ZIL, KSM, ENJ, CKB, JOE, GHST, PERP, BTRFLY, OHM, BANANA, ROME, BURGER, SPIRIT, and ORCA. He provides over $1,000 to liquidity pools on Compound, Curve, SushiSwap, PancakeSwap, BurgerSwap, Orca, AnySwap, SpiritSwap, Rook Protocol, Yearn Finance, Synthetix, Harvest, Redacted Cartel, OlympusDAO, Rome, Trader Joe, and SUN.
