Shiba Inu got FOMO’d and jumped in the top 20 coins on CoinMarketCap.
What is Shiba Inu?
SHIB is a scam coin, based on the ERC20 Ethereum coin. It has no value and serves no purpose in the market. Due to its popularity, however, it will continue to rise in price until the FOMO (fear of missing out) vanishes.
In a recent interview with CoinMarketCap.com, SHIB founder Dr. Alison Parker said:
I think traders need to be more aware of the risks associated with day trading and understand Stop Loss can provide protection from volatility. I was shocked at how many people lost millions betting on SHIB futures.
It’s not just Shiba Inu traders who lose big bets on meme coins. Futures traders who are betting on Dogecoin, the world’s fifth-largest cryptocurrency by market cap, have seen liquidation notices due to extreme price movement in the last few weeks.
SHIB futures market is down by over $1.34 Trillion since last night, data from the Bybt market instrument shows. Over $ 40 million were lost. OKEx, which listed SHIB futures yesterday, has been monitoring liquidations worth close to $ 40 million after the cryptocurrency plummeted more than 80% in a matter of hours.
Also, on Binance Shiba Inu token saw a total of $ 6.5 million liquidated, from those $ 3 million were long and $ 3.54 million short.
