SHIB Shorts Suffers Huge Liquidations, Meme Coin Spikes 19%
shiba inus SHIB/USDa Ethereum ETH/USD-based on the meme coin, saw its price spike after short bets worth nearly $790,000 were liquidated.
What happened: Data from Coinglass indicated that $788,000 worth of shorts had been liquidated in a 12-hour period prior to the time of writing.
Screenshot of Coinglass liquidation data
Long SHIB positions worth $73,530 were liquidated in the same time frame, according to Coinglass.
See also: Is the Shiba Inu (SHIB) a good investment?
Why is this important: SHIB rose 19% over a 24-hour period to $0.000012, according to data from CoinMarketCap at the time of writing. For the week, the meme coin was up 35.9%.
In recent days, SHIB has gained momentum as the main developer of the project Shytoshi Kusama shared updates on Shibarium – a highly anticipated layer 2 blockchain solution.
Shiba Inu is consolidate with Bitcoinin BTC/USD and Dogecoin DOGE/USDaccording to Melanie Schaffer of Benzinga.
Read more : Bitcoin Fear and Greed Index Turns ‘Neutral’ After 9 Months Despite $33M Shorts Liquidations
