In the ever-changing world of cryptocurrencies, the last 24 hours have witnessed ups and downs that have kept traders and enthusiasts on their toes. During this crazy period, a staggering $13.62 million in transactions were liquidated, creating ripples throughout the market. Coinglass's liquidation map paints a vivid picture, revealing that Shiba Inu (SHIB) and XRP are bearing the brunt of this tumultuous journey, each facing their own unique challenges.
SHIB took a hit
For Shiba Inu enthusiasts, the last few hours have been nothing short of nerve-wracking. A total of $624,080 worth of SHIB transactions were liquidated during this hurricane, and a surprising 60 percent of these liquidations were due to bullish situations. When we dig deeper into the data, it turns out that longs outnumber shorts by an impressive 2.83 to 1 ratio for the 1000SHIB futures contract. However, for the standard SHIB instrument, shorts held the upper hand with a ratio of 3.3 to 1.
XRP's uphill battle continues
XRP, on the other hand, has faced its share of difficulties in the same 24-hour period. A staggering $259,860 was liquidated in XRP transactions, and a staggering 94.55 percent of these liquidations were associated with long positions. The odds were clearly not in favor of XRP bulls. With the notorious volatility of the crypto market, the question on everyone's mind is how these assets will fare in the coming days. One thing is certain: cryptocurrency remains a high-risk arena where fortunes can be made or lost in the blink of an eye.
Burning rates are increasing in Shiba Inu
Turning our attention to the Shiba Inu burn rate, it has increased significantly in the past week. According to data provided by the Shibburn initiative, the Shiba Inu weekly burn rate increased by an impressive 37.14 percent. In the last seven days, 782,347,341 SHIB tokens were burned in 75 transactions, amounting to $5,797 in dollars. Comparing this to the previous week's burn of 570,455,129 SHIB, we see a notable increase of 212 million tokens burned. However, it is worth noting that the daily burn rate has decreased by approximately 67 Percent and 79,598,642 SHIB tokens worth $589 alone have been burned in the last 24 hours.
Amidst these developments, Shiba Inu has witnessed a significant rise, with its trading volume increasing by 100 Percent in the last 24 hours. During this period, 18,780,662,117,246 SHIB tokens were traded, equivalent to 138 million dollars. Shiba Inu briefly reached $0.0000077 on September 23 but has since consolidated and is currently trading at $0.0000073. The key question for investors is whether SHIB can break out of its current trading range. A decisive move above the daily moving averages of $0.0000082 and $0.0000088 could signal a breakout. The daily RSI just below the neutral 50 level adds a different layer to the analysis.
