The cryptocurrency market as a whole underwent a bullish transformation, breaking out of a period of stagnant prices and experiencing a substantial upswing. Shiba Inu (SHIB), the second-largest meme coin, also joined this positive trend. Despite facing repeated criticism for its price stagnation, the asset decisively put these concerns to rest by surging by more than 10% in the last few hours.
Earlier today, Shiba Inu was trading at a low of $0.000007355, but it managed to reach a high of $0.0000082. At the current moment, SHIB is trading at $0.000008106, indicating a daily increase of 10.22%. Notably, the meme coin has seen an impressive nearly 20% surge over the past couple of days. Despite this significant price rise, the cryptocurrency’s market capitalization remains at $4.78 billion, firmly establishing SHIB as the 19th largest digital asset.
While SHIB is aiming to continue its upward trajectory, it faces a significant resistance barrier at $0.0000084. However, it has successfully established a support level at $0.0000077, reigniting optimism within the market. During its recent price surge, SHIB witnessed an increase in both trading volume and open interest. According to data from CoinGlass, SHIB’s trading volume surged by 83%, and its open interest increased 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, along with a smaller sum of $52,000 in long positions.
Shiba Inu Hodlers in the Green Zone
Due to Shiba Inu’s recent price surge, a larger portion of Shiba Inu holders are now seeing gains from the cryptocurrency’s current value. Presently, 20% of SHIB holders are experiencing profits, while a significant 77% of holders find themselves in a losing position. Despite the noticeable disparity between these percentages, this represents a substantial increase compared to the beginning of the month.