Shiba Inu has managed to pare recent losses, spiking over 20% within an hour to an intraday high of $0.00005084.
SHIB is currently leading the modest recovery of the cryptocurrency market along with Avalanche (AVAX).
According to Coinglass data, over $1 million worth of SHIB tokens has been liquidated over the past hour, with short positions accounting for more than 70% of the sum.
SHIB is down -44.96% from its Oct. 28 all-time high at press time. On Nov. 18, it came close to slipping below the $0.00004 level, hitting its lowest level since Oct. 26.
While the pullback is quite extreme, it was expected by market observers after Shiba Inu’s headline-grabbing gains in the second part of October.
Despite Shiba Inu’s bullish trend is on pause, it keeps being integrated by new exchanges, with Vienna-based Bitpanda opening a euro market for the meme coin earlier today.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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