Coinbase Glitch Causes SHIB Price to Plummet 50% Temporarily

• Coinbase sees a SHIB price slash on Tuesday morning during a market correction.
• The popular American crypto exchange suffers a glitch due to liquidity overreach.
• Shiba Inu fetches 306.9% weekly gains amid SHIB’s campaign to be the top dog.

The recently surging Shiba Inu (SHIB) prices sharply dropped by 50% on the most popular crypto exchange among American crypto aficionados, Coinbase. In the early hours of Tuesday, SHIB’s price plunged from $0.000044 to $0.000022 for several minutes due to a selling order exceeding the market depth at the requested time.

With SHIB’s trading volume on Coinbase approaching the $2 billion mark over the past 24 hours, anomalies like this are judged according to the prices on other exchanges. In this case, Shiba Inu’s price witnessed a softer fall to $0.000036 on centralized crypto platforms like Bybit and KuCoin.

So far, Coinbase representatives haven’t responded to DailyCoin for a comment regarding the issue, while SHIB trading on the platform is back to normal. Despite the short mishap, Shiba Inu continues to ride the bull with $18 billion daily trading volume now surpassing Dogecoin volume at $8.61 billion more than twice.

Open Interest Rate Blasts Off Amid SHIB Price Surge

Some technical issues could be attributed to the sharply rising demand in SHIB trading in both Spot and Derivatives crypto markets. Shiba Inu’s Open Interest (OI) rate has been soaring since the Spring bull run started on March 1, 2024.

Weighted by Open Interest, Shiba Inu’s funding rate witnessed a massive spike due to the 213% hike in Derivatives trading volume, now approaching $5 billion daily. According to CoinGlass on-chain data, $16.46 million in short positions got liquidated over the past 24 hours, while the long versus short positions now stand at 0.97, leaning towards the bearish side.

At press time, the mega-popular SHIB trades at $0.00004295, scoring 4% over the last hour and marking a 313% weekly bullish wave. As Shiba Inu contests Dogecoin for a TOP 10 spot, the difference between SHIB and DOGE market caps is historically low – $25.32 billion and $26.98 billion, respectively.

On the Flipside

• Coinbase has been known to witness technical issues on their part during bull markets, as seen in the zero balance scandal, which set a mild panic among crypto traders on the most popular American platform.
• Despite the 62% surge on Tuesday, liquidated long positions on Derivatives markets have piled up to $12.56 million, according to CoinGlass data per a 24-hour timeframe. That sums up to $29M Rekt.

Why This Matters

Technical difficulties in centralized cryptocurrency exchanges should be addressed and solved due to its potential influence on the general crypto markets.

Delve into DailyCoin’s top crypto news:

Tether Blacklists Multiple Addresses Holding $21.2M USDT

Nigeria’s Binance Backpedal: Claim of $10B Fine Gets Axed