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.