The Shiba Inu price experienced a glitch on America’s largest exchange Coinbase amid a bout of selloffs, leading to a momentary 55% slump from $0.000044 to $0.00002.
Shiba Inu (SHIB) investors on Coinbase experienced an anomaly in the price of the token today amid the latest uptrend that has seen it battle the $0.00004 price territory. SHIB began its upward momentum on Feb. 26, soaring from $0.00000968 to the $0.000022 level on March 2 before facing resistance.
The crypto asset resumed the uptrend this week, transcending the $0.00002 territory to close yesterday at $0.00003599 amid a 59.67% intraday gain. SHIB’s bullish momentum spilled into this morning, with the asset rallying to the $0.000044 earlier today.
However, as discussions around a possible push toward $0.0001 emerged, the Shiba Inu price on Coinbase surprisingly collapsed to levels witnessed last weekend. Data from a TradingView chart confirms that SHIB surged to a high of $0.00004575 on Coinbase as of 02:00 (UTC) today.
Nonetheless, following a sell pressure that materialized amid the price top, Shiba Inu started recording massive price slumps. The token eventually collapsed from $0.00004441 to $0.00002000 at 04:00 (UTC) on the leading American exchange, marking a 55% dump.
Shiba Inu Price Crash on Coinbase
Interestingly, the impact of the selling pressure was felt across all exchanges, but these platforms did not record the magnitude of slump on Coinbase. The Shiba Inu price dropped to $0.3458 on Kraken, and $0.3610 on Binance. Bitstamp also saw a steeper decline to $0.000022, while Gemini recorded a crash to $0.00003950.
Reason Behind the Shiba Inu Crash
Notably, the unprecedented flash crashes on Coinbase and Bitstamp could be attributed to a market depth overwhelmed by a large sell order. As the sell order executed and overwhelmed the market depth, the cryptocurrency’s price dropped to reflect the sell price, causing a flash crash.
Data confirms that Coinbase commands the second-largest 24-hour trade volume for Shiba Inu, only behind Binance. The exchange accounts for $1.768 billion in SHIB trade volume, representing 12.8% of the global volume, according to CoinMarketCap.
Shiba Inu Markets | CoinMarketCap
Coinbase Woes Amid the Bull Run
With this volume, +2% depth on the exchange has increased to $1.233 million. Notably, following the Shiba Inu price crash, SHIB immediately recovered, now trading around $0.00004024 across all exchanges, including Coinbase. No user as of press time has reported any trade issues due the slump.
Interestingly, the leading U.S.-based exchange has been in the news for unfavorable reasons. Last week, the platform crashed amid the Bitcoin (BTC) upsurge, leading to users seeing zero balances. Coinbase crashed again yesterday as BTC spiked to $68,499.
