thecryptobasic.com
Increased market turbulence over the past few hours has led to the liquidation of more than 59 billion Shiba Inu tokens in the past day.
Earlier yesterday, Shiba Inu staged a relief rally after trading around the $0.0000053 range for most of the week. During the rebound, the token climbed above $0.000006, triggering liquidations for traders who had bet against the asset.
However, the rally was short-lived. Shortly afterward, Shiba Inu corrected sharply, shifting pressure onto long traders as the price pulled back.
Key Points
- Rising market turbulence triggered the liquidation of over 59 billion Shiba Inu tokens within 24 hours.
- Long liquidations accounted for about $240,440, equivalent to roughly 42.75 billion $SHIB, while short liquidations totaled 16.61 billion $SHIB.
- Across the crypto market, leveraged liquidations reached $248.35 million.
- Despite surrendering some of its recent gains, $SHIB remains up 1.42% over the past 24 hours.
Over 42B Shiba Inu in Long Bets Liquidated in 24 Hours
At press time, Shiba Inu trades around $0.0000056 following a broader crypto market downturn. The token’s sharp price swings have dealt a significant blow to futures traders.
According to CoinGlass data, $333,860 in leveraged $SHIB positions were liquidated over the past 24 hours, representing 59.36 billion tokens.
Notably, long traders incurred the majority of the losses. Per the data, long liquidations totaled about $240,440, equivalent to roughly 42.75 billion $SHIB tokens at the current price of $0.000005624. However, short liquidations reached around $93,420, representing approximately 16.61 billion tokens at press time.
Total Crypto Liquidations Hit $248M
Meanwhile, Shiba Inu’s liquidation data mirrored the trend across the crypto market. Over the past 24 hours, about $248.35 million in leveraged positions across digital assets, including Shiba Inu, have been wiped out.
Among the affected cryptocurrencies, Ethereum recorded the largest share of liquidations at around $2.38 million, followed by Bitcoin at approximately $1.51 million.
Overall, long positions totaled $135.8 million, while short positions totaled $112.54 million. In total, about 87,099 traders were liquidated, with the largest single liquidation occurring on Hyperliquid.
Key Resistance and Support
Meanwhile, Shiba Inu is consolidating around the $0.0000056 level. Although the token has retraced from yesterday’s peak of $0.000006063, it still retains part of the gains from the recent rally.
At press time, Shiba Inu was up 1.41% over the past 24 hours and 3.28% over the past week. Despite these short-term gains, the leading meme-based token remains down 8.37% over the past 30 days.
Nonetheless, supporters believe the asset could soon enter a sustained rally. For now, Shiba Inu continues to trade below its 50- and 100-day exponential moving averages (EMAs), which sit at $0.00000638 and $0.00000726, respectively.
As a result, these levels currently act as overhead resistance for the token, while immediate support sits around $0.0000052. A break above the $0.00000726 resitance could mark a new bullish phase for $SHIB.
