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https://www.benzinga.com/markets/cryptocurrency/23/01/30454747/shiba-inu-shorts-suffer-massive-liquidations-as-meme-coin-spikes-19


Shiba Inu Shorts Suffer Massive Liquidations As Meme Coin Spikes 19%

byShivdeep Dhaliwal, Benzinga Editor 

January 17, 2023 9:44 PM | 1 min read

Shiba Inu 

SHIB/USD+15.1%+ Free Alerts
an Ethereum 

ETH/USD+0.85%+ Free Alerts

-based meme coin, saw a spike in its price after short bets worth nearly $790,000 were liquidated.

What Happened: Coinglass data indicated that $788,000 worth of shorts were liquidated over a 12-hour period leading up to the time of writing.

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Screenshot Of Liquidation Data From Coinglass

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

See Also: Is Shiba Inu (SHIB) A Good Investment?

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Why It Matters: SHIB has spiked 19% over a 24-hour period to $0.000012, according to CoinMarketCap data at the time of writing. For the week, the meme coin has risen 35.9%.

 In recent days, SHIB has picked up momentum as the project’s lead developer Shytoshi Kusama shared updates on Shibarium — a much-awaited Layer 2 blockchain solution.

Shiba Inu is consolidating with Bitcoin 

BTC/USD+0.27%+ Free Alerts
 and Dogecoin 

DOGE/USD+2.21%+ Free Alerts
according to Benzinga’s Melanie Schaffer.