Shiba Inu and DogWifHat Tokens Surge Amid Crypto Market Liquidations

• Shiba Inu sees a 12% rise in three days, despite a 24-hour dip, with a significant market cap and high trading volume.
• DogWifHat surges 30% in three days, influenced by whale activity, highlighting the token’s volatile but high-reward nature.
• Crypto market faces over $155 million in liquidations, heavily impacting Shiba Inu traders betting on price increases.

Santiment, a market intelligence platform, reports that over the past three days, Shiba Inu has seen a 12% increase, while DogWifHat has surged by 30%. The rising trading volumes of these meme coins underscore their relevance among traders. However, such tokens often experience significant fluctuations, marked by sudden peaks driven by fear of missing out (FOMO) and sharp declines due to fear, uncertainty, and doubt (FUD).

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As of today, Shiba Inu’s price stands at $0.000027 with a 24-hour trading volume of $1,413,201,096. Despite its recent gains, Shiba Inu has dipped 2.92% in the last 24 hours. The current market cap for Shiba Inu is $15,662,378,904, and it has a circulating supply of 589,271,838,264,679 SHIB coins.

Significantly, the cryptocurrency market is experiencing a considerable shift as overall liquidations surpass $155.7 million. This follows declines in Bitcoin (BTC) and Ethereum (ETH) prices. Shiba Inu has been notably affected, with a 24-hour liquidation total of $1.95 million. This liquidation translates to over 75 billion SHIB coins being sold off within the same period.

Data from CoinGlass reveals that long traders, those betting on Shiba Inu’s price rise, bore the brunt of these liquidations. They recorded a total liquidation of $1.7 million, in contrast to the $255,590 liquidation for short traders, who bet on the price decline.

Lookonchain, an analytics platform, highlighted notable whale activity surrounding DogWifHat. A whale recently spent 17,966 SOL, approximately $2.98 million, to acquire 953,177 WIF at $3.13, causing a 7% price increase. This same whale had previously bought 355,417 WIF for $1 million USDC at $2.81 on May 21 and sold it at $3.07 for $1.09 million USDC on May 22, earning $90,000.

DogWifHat current price is $3.48, with a 24-hour trading volume of $1,016,126,592. In the past 24 hours, DogWifHat’s price has decreased by 8.60%. It holds a market cap of $3,476,304,635, and a circulating supply of 998,905,940 WIF coins.

Read More:

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