Shiba Inu recovered more than 10% of its intraday low
Shiba Inu (SHIB) has managed to pare recent losses, spiking over 8% within an hour to an intraday high of $0.00004763.
The coin is currently leading the modest recovery in the cryptocurrency market with Avalanche (AVAX).
According to Coinglass data, over $1 million worth of SHIB tokens have been liquidated over the past hour, with short positions accounting for more than 70% of the sum.
SHIB is down -44.96% from its all-time high on Oct. 28 at the time of publication. On Nov. 18, it came close to slipping below the $0.00004 level, hitting its lowest level since Oct. 26.
While the pullback was quite extreme, market watchers were expecting it after the headline-grabbing gains for Shiba Inu during the second part of October.
Bitcoin and Ether are down -16.67% and -13.91% from their respective peaks.
Dogecoin, the main dog coin, is down -68.29% from its price record set by Elon Musk reached in early May.
Despite Shiba Inu’s bullish trend being on pause, it keeps being integrated by new exchanges, with Vienna-based Bitpanda opening a euro market for the meme coin earlier today.
