A substantial but temporary price glitch impacted Shiba Inu (SHIB) on Coinbase, the largest crypto exchange in the United States. Amid a wave of selling activity a couple of hours ago, a technical error caused the price to plunge 55%, causing a fall from $0.000044 to $0.00002.
The incident was limited to Coinbase. Other exchanges experienced a decline in the price of SHIB but not to the extreme degree witnessed by Coinbase. This suggests the error was platform-specific, rather than a market-wide issue with the cryptocurrency itself.
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The glitch came after a strong period of gains for Shiba Inu. The token started a bullish surge on February 26th, rising from $0.00000968 to $0.000022 by March 2nd. Following a brief pause, this upward momentum resumed, leading to SHIB exceeding $0.00002.
The SHIB Price Collapse and Recovery
The 55% flash crash on Coinbase was likely caused by a large sell order that overwhelmed the market depth on the exchange. Market depth refers to the liquidity available at various price levels. In this case, the sell order was substantial enough to briefly exhaust buy orders around the $0.000044 level.
Fortunately, Shiba Inu’s price rebounded quickly. While all exchanges were impacted by the selling pressure, only Coinbase saw this extreme and isolated price crash. Currently, SHIB is trading at around $0.00003618 across all major exchanges.
Coinbase’s Other Recent Technical Issues
Coinbase has attracted attention recently due to a series of technical issues. The platform has experienced outages and displayed errors during spikes in Bitcoin’s price, raising concerns amongst some users. On March 2nd, 2024, Coinbase users reported seeing zero balances in their accounts and faced difficulties when attempting to trade.
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Also, on February 28th, 2024, another Coinbase outage occurred as Bitcoin rallied towards significant price levels. The platform acknowledged the problem and worked towards a resolution. This price glitch highlights the potential for technical errors and their impact on prices, even on major exchanges.
Cryptocurrency traders need to be aware of such risks. It also serves as a reminder of the inherent volatility associated with cryptocurrencies like Shiba Inu (SHIB). While technical issues are a concern, Coinbase remains one of the largest, most trusted, and most regulated exchanges in the United States.
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