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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.
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.
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.