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.
Mar 5, 2024 at 9:12 a.m. UTC
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- 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.
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.
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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.
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Shaurya is the Deputy Managing Editor for the Data & Tokens team, focusing on decentralized finance, markets, on-chain data, and governance across all major and minor blockchains.