Yesterday, Facebook stirred up when celeb activity shared about “holding” the cryptocurrency. Yesterday, SHIB jumped into the top 20 CoinMarKetCap due to a huge FOMO from Tiktokers, Facebookers, and Twitter. However, traders lost millions of dollars betting on SHIB futures.
Source: Bybt
What is Shiba Inu?
Shiba Inu (SHIB) is a meme coin that was launched as a rival of Dogecoin in 2020. Which, SHIB is a token of the project that promises to “go to the moon”, with a circulating supply of 394,796.00 billion. , the market cap is about $ 12 billion (higher than some high-end decentralized financial protocols). Trading volume for the last day – on decentralized and centralized exchanges – surpassed $ 14 billion, making SHIB one of the most traded cryptocurrencies on Tuesday. Maybe the fact is that meme coin is being pushed to TikTok as people are looking for the next Dogecoin.
Meanwhile, it’s not just Shiba Inu traders who lose big bets on meme coins. Futures traders who are betting on Dogecoin, the world’s fifth-largest cryptocurrency by market cap, have seen liquidation at $ 105 million (208.67 million DOGE) – participating in a Broader market dumping, overall liquidated more than $ 1.74 billion.
Millions of people have bravely died when they started trading SHIB futures
SHIB has risen 1,720% in the past week, 2,428% in the past two weeks, and over 36,060.9% in the past month alone. This means that a $ 100 “investment” will be worth $ 1,720, $ 2,428 and $ 36,090, respectively. However, not everyone is making a profit. Some are losing, and even big.
Futures traders have lost more than 1.34 trillion SHIB traded in just the past 24 hours, data from the Bybt market instrument shows. The lost money is worth $ 40 million. As the image below shows, crypto exchange OKEx, which listed SHIB futures yesterday, has been monitoring liquidations worth close to $ 40 million. In which, the overwhelming $ 25 million belonged to long orders, the rest was short order.
Source: Bybt
Binance also saw a total of $ 6.5 million liquidated, of which $ 3 million were long and $ 3.54 million short. As a result, the Shiba Inu token has fluctuated itself in a narrow price range since yesterday, shortly after many exchanges launched SHIB futures.
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