Shiba Inu Reverses Course To Fall 12% Amid $4.6M Worth Liquidations

Shiba Inu SHIB/USD fell 12% in the last 24 hours, after surging 20% on Tuesday, with Nansen reporting an overwhelming amount of trading on both decentralized and centralized exchanges.

What Happened: Data from Coinglass reveals that $4.60 million worth of SHIB has been liquidated in the last 24 hours, with total crypto liquidations standing at $246 million.

Dogecoin DOGE/USD also fell 7%, trading at $0.08094 in the last 24 hours.

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This comes after the market capitalization of SHIB rose by nearly $2 billion over the last 30 days, as the crypto community awaits its layer-2 scaling solution Shibarium.

The meme coin had a relative strength index of 81.51, which indicates SHIB has entered the overbought territory.

SHIB was the most-traded token among Ethereum Whales and also the biggest token in terms of dollar value, according to Whalestats, at the time of writing.

Price Action: At the time of writing, SHIB was trading at $0.00001108, according to Benzinga Pro.

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