Shiba Inu Shorts Suffer Massive Liquidations As Meme Coin Spikes 19%

Shiba Inu SHIB/USD, an Ethereum ETH/USD-based meme coin, saw a spike in its price after short bets worth nearly $790,000 were liquidated.

What Happened: Coinglass data indicated that $788,000 worth of shorts were liquidated over a 12-hour period leading up to the time of writing.

Screenshot Of Liquidation Data From Coinglass

Long SHIB positions worth $73,530 were liquidated in the same time frame, according to Coinglass.

See Also: Is Shiba Inu (SHIB) A Good Investment?

Why It Matters: SHIB has spiked 19% over a 24-hour period to $0.000012, according to CoinMarketCap data at the time of writing. For the week, the meme coin has risen 35.9%.

 In recent days, SHIB has picked up momentum as the project’s lead developer Shytoshi Kusama shared updates on Shibarium — a much-awaited Layer 2 blockchain solution.

Shiba Inu is consolidating with Bitcoin BTC/USD and Dogecoin DOGE/USD, according to Benzinga’s Melanie Schaffer. 

Read Next: Bitcoin Fear And Greed Index Rises To 'Neutral' After 9 Months Despite $33M Shorts Liquidations