• Traders lost millions of dollars to the widespread correction.
• The volumes of ADA, SHIB, and DOT increased but that might not be good news.

Triggered by Bitcoin’s [BTC] precipitous drop to $67,640, the prices of Shiba Inu [SHIB], Polkadot [DOT], and Cardano [ADA] experienced steep corrections in the last 24 hours.

At press time, SHIB had declined by a whopping 11.87%. This pegged back its price as it changed hands at $0.000029. However, the memecoin’s price was not the only affected metric. As a result of the price decrease, Shiba Inu’s market cap fell out of the top 10.

DOT, on the other hand, registered a 4.27% decrease within the same period as it value fell to $10.64. ADA, which was previously on its way to $0.80, decreased by 5.95% while trading at $0.71.

The storm cracks down on the excitement

According to AMBCrypto’s analysis, the turbulence caused massive liquidations in the market. In the context of the crypto market, liquidation is usually caused by unfavorable market movements.

It occurs when an exchange forcefully closes a trader’s position due to insufficient funds to keep it open. Within the last 24 hours, SHIB longs experienced a wipeout worth $1.19 million.

However, the Liquidation Heatmap gotten from Coinglass showed that shorts liquidation was worth $316,410

For ADA and DOT, it was a similar si

Go to Source to See Full Article
Author: Victor Olanrewaju

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