JAKARTA - The recent incident of investors, the price of Shiba Inu (SHIB) on America's largest crypto exchange Coinbase, has decreased sharply by 55% of its original value. Apparently this decline was caused by an unprecedented glitch.
For information, 'glitch' is a technical error or interference in blockchain systems or trading platforms that can cause unexpected changes in normal operations. This can include issues such as price errors, transaction failures, or security concerns.
Glitch is often temporary and can be overcome with software updates or other repair measures. However, they can lead to significant market volatility and affect investor confidence in the short term. Glitch is important to monitor because it can affect the value and stability of crypto assets.
Reported by The Crypto Basic, on February 26, SHIB began an upward trend, surging from IDR 0.152 to IDR 0.346 level on March 2, before finally facing resistance. This positive trend continues until this week, with SHIB closing the previous day at IDR 0.567 following a significant intraday increase.
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However, when speculation over a potential increase towards Rp1 began to circulate, the price of SHIB in Coinbase suddenly plummeted, returning to the last level observed last weekend. Data from TradingView confirmed the SHIB spike to a peak of IDR 0.721 in Coinbase.
This decline came after strong selling pressure emerged, causing SHIB to fall from Rp0.7 to Rp0.315 in a short time. However, SHIB managed to recover and is now trading around Rp0.634 on all exchanges.
The main cause of this sudden decline was the execution of a large sell order that beat the market depth, causing the crypto price to drop drastically. Coinbase, which has the second-largest 24-hour trading volume for SHIB, accounts for $1.768 billion (IDR 27,874,908,000,000) in trading volume, or 12.8% of global volume according to CoinMarketCap.
Coinbase has been in the spotlight several times due to technical issues, including last week's damage that caused users' balances to appear zero during the Bitcoin (BTC) price spike, which then reached 68,499 US dollars (around Rp1,079,733,235).
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