Over the course of the week, the crypto market had succumbed to selling pressure. These sell-offs changed the trajectory of the market as many of the top cryptocurrency prices plunged. However, meme coin, Shiba Inu [SHIB] may have “ignored” the ritual of following the Bitcoin [BTC] momentum.
At press time, SHIB was 4.12% up in its token price. Against BTC and Ethereum [ETH], SHIB also gained in the last 24 hours. The cryptocurrency was up 6.94% against ETH while it rode up 4.09sb% against the king coin, BTC.
Inadequate strength
This SHIB momentum might come as a surprise to many crypto investors. This is because there has been massive liquidations across the crypto market since the price plunge began. As of 19 August, CoinGlass reported that there has been over $500 million liquidation with BTC and ETH traders being the most affected.
The liquidations have now reduced but are not all gone. CoinGlass data showed that the 24-hour “rekt” was around 4170.50 million at the time of this writing. However it may seem that SHIB did not form a significant part of the onslaught. Although it was not completely left out, it affected more traders in shorts positions than longs.
At press time, SHIB recorded $260,200 in total liquidations over the last twelve hours. However, from 19 August till this reporting period, it was $1.06 million.
Source: CoinGlass
This short-term success has also helped SHIB reclaim the twelfth position in market value as per CoinMarketCap. Additionally, the rally may align with the projection that SHIB could stay bullish for most of the coming week. But what else has influenced the SHIB uptick besides maneuvering the liquidation statistics?
Pumping?
Based on Santiment data, SHIB’s volume had increased after it plummeted between 15 August and 18 August. As of this writing, the volume was up to $944.84 million. Similarly, the active deposits on exchanges have increased and followed a similar momentum.
Source: Santiment
However, the Chaikin Money Flow (CMF) in green may disagree with the projection of a further uptick with the current SHIB momentum. With the value at -0.15, it seems that SHIB investors have been holding back on deploying more liquidity into its ecosystem.
The volume was at a bearish position, although there were indications it could go higher but reaching the zero point looked challenging. As for the On-Balance Volume (OBV) in blue, it was in the upward direction. The value was 461.30 trillion with potential to hit $483.34 trillion that it was on 14 August.
Source: TradingView
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