The entire cryptocurrency market underwent a bullish transformation, breaking free from its stagnant price phase and experiencing a significant upswing. Shiba Inu (SHIB), the second-largest meme coin, joined this positive trend. Despite repeated criticisms regarding its price stagnation, the asset decisively put these concerns to rest by surging more than 10% in just the past few hours.
Shiba Inu experienced a low trading price of $0.000007355 earlier today, but it managed to rise to a high of $0.0000082. As of the current moment, SHIB is trading at $0.000008106, marking a daily increase of 10.22%. Notably, the meme coin has seen an impressive, nearly 20% surge over the past couple of days. Even with this substantial price rise, the cryptocurrency’s market capitalization remains at $4.78 billion, solidifying SHIB’s position as the 19th largest digital asset.
While SHIB aims to kickstart its upward trajectory, a significant resistance barrier lies at $0.0000084 for the meme coin. However, it has successfully established a support level at $0.0000077, rekindling optimism within the market.
During its recent price surge, SHIB witnessed a rise in both trading volume and open interest. According to information from CoinGlass, SHIB’s trading volume increased by 83%, and its open interest grew by 12%. As the asset embarked on this upward trend, approximately $641,000 worth of positions were liquidated over the past 24 hours. Within this figure, $588.32K of short positions were liquidated, while a smaller sum of $52,000 in long positions was also liquidated.
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Shiba Inu holders in the green
With the recent surge in Shiba Inu’s price, the proportion of holders benefiting from the asset’s current value has increased. Currently, 20% of SHIB holders are in a profitable position. In contrast, a significant 77% of holders are facing losses. Although there is a notable gap between these percentages, this marks a substantial rise since the start of the month.
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