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SHIB Market Depth Under $1 Million: Token Reflects a Neutral Phase
According to data from CoinGenko, a crypto analytics platform, most of the SHIB market depth is under $1 million on major exchanges such as Binance, Coinbase, Huobi, and OKEx. The report also highlighted that a sell order of $1 million or less could move the SHIB price by 2% immediately.
The low market depth of SHIB reflects its high volatility and speculative nature. SHIB is a token that was created as an Ethereum-based alternative to Dogecoin (DOGE), another meme cryptocurrency that was inspired by a Shiba Inu dog. SHIB has a total supply of 589.3T tokens, making it intentionally abundant and inflationary.
Shiba Inu (SHIB) has shown some positive movement recently, with the price currently at 0.00000755 USD, representing a 0.40% increase. Delving into the token's price analysis and technical outlook, SHIB exhibits equal possibilities for both bullish and bearish trends.
Shiba Inu's market depth shows a spread of 2%, indicating a slight price difference between the highest bid and the lowest ask orders. This suggests a relatively balanced market with moderate trading activity. The +2% and -2% depth values show the total volume of buy and sell orders within a 2% price range from the current price. These values help traders understand the potential support and resistance levels in the market.