Bitcoin and Shiba Inu Experience Price Drops Amid Market Retracement

According to CryptoPotato, Bitcoin's price dropped from its all-time high of over $69,000, leading to a broader market retracement. The leading digital asset fell to as low as $61,000, causing more than $1 billion in liquidations. However, it has since partially recovered and is currently trading at around $66,000. Shiba Inu, the popular meme coin, also experienced a price drop. Despite the correction, the self-proclaimed Dogecoin-killer remains up significantly on a weekly scale, with a 230% increase. According to IntoTheBlock, about 72% of SHIB holders are currently sitting on paper profits, a significant rise compared to September when approximately 90% of token holders were underwater. The blockchain analytics platform also revealed that two important metrics related to Shiba Inu's ecosystem have increased. Aggregated trading volume, where each transaction exceeds $100,000, is up 90% on a 24-hour basis, surpassing the $2 billion mark. Daily active addresses have also increased, nearing 50,000, which is a 70% increase compared to the figure recorded on March 5. The burning mechanism of the meme coin and its layer-2 blockchain solution, Shibarium, have also gained attention, with the burn rate exploding by 30,000% at one point last week and total blocks on the L2 solution surging above 3.5 million. Both features have been touted as factors that could positively impact SHIB's valuation.