SHIB Shorts Suffers Huge Liquidations, Meme Coin Spikes 19%

shiba inus SHIB/USDa Ethereum ETH/USD-based on the meme coin, saw its price spike after short bets worth nearly $790,000 were liquidated.

What happened: Data from Coinglass indicated that $788,000 worth of shorts had been liquidated in a 12-hour period prior to the time of writing.

Screenshot of Coinglass liquidation data

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

See also: Is the Shiba Inu (SHIB) a good investment?

Why is this important: SHIB rose 19% over a 24-hour period to $0.000012, according to data from CoinMarketCap at the time of writing. For the week, the meme coin was up 35.9%.

In recent days, SHIB has gained momentum as the main developer of the project Shytoshi Kusama shared updates on Shibarium – a highly anticipated layer 2 blockchain solution.

Shiba Inu consolidates with Bitcoinin BTC/USD and Dogecoin DOGE/USDaccording to Melanie Schaffer of Benzinga.

Read more : Bitcoin Fear and Greed Index moves to ‘neutral’ after 9 months despite closeouts of $33 million in shorts

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