Over the course of the week, the cryptocurrency market succumbed to selling pressures. These sales changed the trajectory of the market as many of the best cryptocurrency prices plummeted. However, meme coin, Shiba Inu [SHIB] may have “ignored” the ritual of following the Bitcoin [BTC] momentum.
At press time, SHIB was up 4.12% in its token price. Against BTC and Ethereum [ETH], SHIB also earned in the last 24 hours. The cryptocurrency rose 6.94% against ETH while it rose 4.09% against the king’s coin, BTC.
Inadequate strength
This SHIB momentum may surprise many cryptocurrency investors. This is because there have been massive liquidations in the cryptocurrency market since the collapse in prices began. From 19 August, CoinGlass reported that there has been a liquidation of over $ 500 million with BTC and ETH traders most affected.
Source: CoinGlass
The liquidations have now been reduced but they are not all over. CoinGlass data showed that the 24-hour “rekt” was around 4170.50 million at the time of this writing. However, it may appear that SHIB did not constitute a significant part of the assault. While it has not been completely ruled out, it has hit more traders in short than long positions.
As of press time, SHIB has recorded $ 260,200 in total liquidations in the past twelve hours. However, from August 19 up to this reporting period, it was $ 1.06 million.
Source: CoinGlass
This short-term success also helped SHIB claim 12th position in terms of market value according to CoinMarketCap. Furthermore, the rally may align with the projection that SHIB may remain bullish for most of next week. But what else influenced the SHIB rise other than manipulating the liquidation statistics?
Pumping?
Based on SantimenAccording to the data, the volume of SHIB had increased after plunging between August 15 and August 18. At the time of this writing, the volume was up to $ 944.84 million. Likewise, active deposits on exchanges have increased and followed a similar momentum.
Source: Santimento
However, the Chaikin Money Flow (CMF) in green may not agree with the projected further hike with the current SHIB momentum. With the value at -0.15, SHIB investors appear to have held back from putting more cash into its ecosystem.
Volume was in a bearish position, although there were indications that it might go higher, but reaching zero point seemed challenging. As for the On-Balance Volume (OBV) in blue, it was in the upward direction. The value was 461.30 trillion with the potential to reach $ 483.34 trillion compared to August 14th.
Source: TradingView