75 Billion Shiba Inu in 24 Hours, What's Happening?

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According to data from CoinGlass, the major brunt of this SHIB liquidation is being felt by the token’s bulls. With the class of traders going long on Shiba Inu, the total liquidation they recorded comes in at $1.7 million. This compared to a total of $255,590 for short liquidations overall. Going long on Shiba Inu comes as a natural move considering how the token started this week. Its price soared as high as 15% on May 28, growth that saw it However, the current price slip and liquidation have changed its narrative and dragged it back to 11th place. At the time of writing, Shiba Inu at $0.00003 and is worth $0.00002626, down by 4.66% in the past 24 hours. Its market capitalization is now pegged at $15,465,877,648, and trading volume slipping by over 38% to $1,485,587,758.

Overall, the other positive sentiments in the broader crypto ecosystem will help it survive the liquidation heat. Also, the recovery of BTC and ETH might also help fuel its revival in the short term.Godfrey Benjamin is an experienced crypto journalist whose main goal is to educate everyone around him about the prospects of Web 3.0. His love for crypto was birthed when, as a former banker, he discovered the obvious advantages of decentralized money over traditional payments.

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