Given the decline in the values of Bitcoin (BTC) and Ethereum (ETH), the combined crypto market liquidation has reached a total of $155.7 million, indicating a substantial change in the outlook for the market. Shiba Inu (SHIB), one of the affected cryptocurrencies, steals the show with a $1.95 million 24-hour liquidation. This represents the liquidation of almost 75 billion SHIB in a single day.
Shiba Inu bulls taking heat
The bulls on the token are bearing the brunt of this SHIB selling, according to data from CoinGlass. The class of traders that went long on Shiba Inus had a total liquidation of $1.7 million. This contrasts with the $255,590 overall for short liquidations.
Considering how the token began this week, it makes sense to go long on Shiba Inu. On May 28, its price spiked up to 15%, momentarily overtaking Avalanche (AVAX), Toncoin (TONNE), and Cardano (ADA) to become the ninth-largest digital currency.
But the current decline in price and the liquidation have altered its story and sent it back to eleventh position. As of this writing, Shiba Inu is valued $0.00002626, down 4.66% over the previous day, and has seen a significant rejection at $0.00003. With a trading volume decline of more than 38% to $1,485,587,758, its market capitalization is currently set at $15,465,877,648.
Surviving the heat
According to relevant cryptocurrency liquidation data, a digital currency’s liquidation increases with its growth. In comparison to its other major meme currency competitors, Dogecoin (DOGE) and PEPE, SHIB had a slightly gentler decline in this statistic, even though it liquidated more than 75 billion tokens over night.
Overall, it will survive the heat of liquidation because to the other favourable feelings in the larger crypto community. Additionally, the short-term resurgence of ETH and BTC may be aided by their respective recoveries.
