The cryptocurrency market has experienced a sharp change as Shiba Inu faced unexpected position liquidations. This event contributed to significant price fluctuations.
Overall Market Condition
The cryptocurrency market demonstrated a reversal from a previous rebound in early Tuesday's session. Investors awaited the release of the Federal Reserve's July meeting minutes and the upcoming Jackson Hole symposium from Thursday to Saturday. Currently, Bitcoin is trading around $113,000 after reaching $116,000.
Shiba Inu Position Liquidation
Shiba Inu dropped to $0.0000122 after previously hitting $0.0000128, catching traders betting on an increase by surprise. According to CoinGlass, in the last hour, the total liquidation for SHIB came to $111,860; long liquidations accounted for $111,840 while short liquidations were only $16.50. This led to a 699,000% liquidation imbalance, indicating that most Shiba Inu traders were anticipating a price increase.
Positive Updates for Shiba Inu Ecosystem
While the market is facing challenges, Shiba Inu developer Kaal Dhairya has announced the commencement of work on LEASH v2. The Shiba Inu team is also consulting with advisors regarding potential features and architecture to future-proof LEASH v2, which may positively impact the ecosystem.
The situation in the cryptocurrency market, particularly regarding Shiba Inu, reflects high volatility and unpredictability. Nevertheless, the development of new project initiatives may indicate long-term prospects for the ecosystem.
