As Shiba Inu loses some of its recent gains, more than 6.2 billion SHIB tied to long positions have been liquidated across the market.
Shiba Inu saw some relief yesterday after four straight days of losses between November 19 and 22. The meme coin broke its losing streak with a 4% rebound, climbing to $0.0000080 in the early hours of the day.
The recovery continued today, with SHIB briefly surging to around $0.000008133. However, the momentum was short-lived. As the broader crypto market turned bearish again, Shiba Inu erased its gains and slipped back below $0.000008.
Over 6 Billion SHIB in Long Positions Wiped Out
Long-position traders, those who bet on SHIB’s price rising, were hit the hardest by this sudden drop. Data from CoinGlass shows that approximately $41,000 worth of SHIB long positions were liquidated in the past 12 hours.
Meanwhile, liquidations have risen to about $58,000 over the past 24 hours. Long positions accounted for the vast majority of Shiba Inu liquidations, totaling $49,560, or 85.44%, of the total wipeout. Short positions, by contrast, amounted to $8,440.
At SHIB’s current price of $0.000007990, the long liquidations over the past day are equivalent to roughly 6,202,753,441 SHIB (6.2 billion), while the short liquidations translate to about 1.05 billion.
More Shiba Inu Liquidations Possible
Despite Shiba Inu’s slight pullback earlier today, the asset still maintains a modest 24-hour gain of 0.97%. At its current price of $0.000007990, SHIB is up 5.39% from last week’s low of $0.000007581.
If it retests the $0.000007580 level, an estimated $754,630 worth of long positions would be liquidated, equivalent to roughly 99.55 billion at that price. Conversely, a potential upswing to $0.00000840 could trigger approximately $661,630 in short liquidations, representing around 78.76 billion SHIB at that price.
Daily Burn Rate Soars 859%
Meanwhile, Shiba Inu’s burn rate surged sharply over the past 24 hours, soaring by an impressive 859.60%. Despite this dramatic spike, the actual amount burned remained relatively modest, with just 12.91 million out of circulation.
The largest single burn during this period originated from the CEX.io crypto exchange, where a user transferred 9.5 million SHIB to the official burn address. Additional notable burns included transactions of 1.78 million, 1.52 million, and 1.27 million SHIB, contributing to the day’s overall total.
To date, approximately 410.753 trillion SHIB have been burned, leaving the total supply at around 589.24 trillion tokens.
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