The recent bullish rise of Shiba Inu unexpectedly came to a halt, resulting in massive liquidations of traders.
Introduction
Starting from September 6, Shiba Inu witnessed a four-day surge, reaching a peak of $0.00001320. However, this upward momentum could not be sustained as the price approached critical resistance levels.
Liquidations and Price Drop
On Thursday, Shiba Inu dropped to $0.00001293 after starting the day at $0.00001320. Liquidations of long positions amounted to $154,200 within 24 hours, shocking many traders. A total of 11.47 billion SHIB tokens were liquidated, valued at approximately $149,230.
Market Sentiment and Trader Reactions
The rapid shift in sentiment highlights the volatility of the cryptocurrency market. Traders expecting continued gains found themselves on the losing end, which increased selling pressure on the token’s price. The future price trajectory of Shiba Inu remains uncertain amidst market volatility.
Recent events surrounding Shiba Inu serve as a reminder of the cryptocurrency market's volatility. The $154,000 in liquidations prompts traders to reassess their positions in an evolving market landscape.
