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Shiba Inu falls 14% from its multi-month high as $SHIB faces key $0.000005 support, heavy long liquidations, and rising ranking pressure.
Shiba Inu is losing momentum after briefly breaking above the $0.000006 level, giving back much of its gains from the latest crypto market rally.
Over the weekend, $SHIB climbed to a multi-month high of $0.000006191, helping the token rise to 26th place among the world’s largest cryptocurrencies. However, the subsequent pullback across the broader crypto market has put renewed pressure on the asset.
At press time, $SHIB traded at $0.000005298, down 14.42% from its recent high. The token also fell 4.09% over the past 24 hours, bringing the $0.000005 level into immediate focus. A break below this level could expose $SHIB to further losses.
Shiba Inu Long Traders Take Heavy Losses
The latest decline has also hurt leveraged traders who positioned for $SHIB to extend its rally.
According to CoinGlass data, $256,150 worth of $SHIB leveraged positions were liquidated over the past 24 hours. Long traders absorbed most of these losses, accounting for $252,960 in liquidations.
These liquidations represented 48,348,433,371 (48.34 billion) $SHIB tokens. By comparison, short traders recorded only $3,190 in liquidations, equivalent to roughly 602.11 million $SHIB.
Meanwhile, $SHIB’s liquidation figure remains small compared with the broader crypto market. Across the market, $322.01 million worth of leveraged positions were liquidated during the same period, affecting 80,418 traders.
Nonetheless, additional downside could put even more pressure on $SHIB bulls. If the token falls toward $0.00000497, potential long liquidations could increase to approximately $300,440, while short liquidations could reach about $4,780.
$SHIB Faces Ranking Pressure
The recent decline has also weakened $SHIB’s position in the global cryptocurrency rankings.
Currently, $SHIB ranks as the 27th-biggest cryptocurrency, with a market cap of $3.11 billion. However, its position is becoming vulnerable as rival assets close the gap.
Sui ranks 28th with a market cap of around $3.1 billion, while Cronos and Tether Gold occupy the 29th and 30th positions with valuations of $2.85 billion and $2.82 billion, respectively. Therefore, another decline in $SHIB’s market cap could allow Sui to overtake the meme coin and push it out of the top 27 cryptocurrencies.