Shiba Inu has faced intense selling pressure over the past 24 hours. Market volatility triggered the liquidation of more than 59 billion SHIB tokens, worth approximately $333,860 in leveraged positions. The broader crypto market recorded $248.35 million in total liquidations during the same period, underscoring a wave of risk-off sentiment across digital assets.
At press time, SHIB trades around $0.00000581, retreating from a short-lived rally that pushed the token to a daily high of $0.000006063. Despite the pullback, the token remains up 0.99% over the past 24 hours and 4.99% over the past week. Over the past 30 days, however, SHIB is still down 2.90%.
Long Traders Bear the Brunt of Liquidations
The majority of losses fell on traders holding long positions. According to CoinGlass data, long liquidations reached approximately $240,440, equivalent to roughly 42.75 billion SHIB tokens. Short liquidations accounted for the remaining $93,420, representing around 16.61 billion tokens.
The sequence of events reflects classic liquidation dynamics. SHIB staged a relief rally after hovering near $0.0000053 for most of the week. As the token climbed above $0.000006, short sellers were squeezed out of their positions first. The rally then reversed sharply, catching long traders off guard and triggering a second wave of forced closures.
Across the broader crypto market, approximately 87,099 traders were liquidated in the past 24 hours. Ethereum recorded the largest share of liquidations at around $2.38 million, followed by Bitcoin at approximately $1.51 million. The largest single liquidation event occurred on Hyperliquid. Overall, long positions accounted for $135.8 million in losses, while short positions totaled $112.54 million.
Key Technical Levels That Will Define SHIB’s Next Move
Shiba Inu currently trades below its 50-day and 100-day exponential moving averages (EMAs), which sit at $0.00000638 and $0.00000726, respectively. These levels represent meaningful overhead resistance. Until the token closes above them on a sustained basis, the technical picture remains bearish.
Immediate support lies near $0.0000052. A break below this level could expose SHIB to further downside. Conversely, a decisive push above the $0.00000726 EMA resistance would signal a potential shift in momentum and could mark the beginning of a new bullish phase for the token.
The current consolidation around $0.0000056 suggests the market is in a state of indecision. Buyers are attempting to defend the recent gains from the rally, while sellers continue to apply pressure following the sharp reversal.
Source: https://coinpaper.com/15355/shiba-inu-price-drops-after-333-k-liquidation-wipes-out-59-billion-shib-tokens
