- Shiba Inu experienced a pullback from $0.00001320 after hitting key resistance levels, triggering significant long liquidations.
- A total of $154,200 worth of SHIB long positions were liquidated, while shorts accounted for just $4,970 in losses.
- Shiba Inu’s Shibarium has surpassed 13 million blocks, with over 272 million addresses and 1.5 billion transactions processed.
Shiba Inu recently enjoyed a four-day winning streak, peaking at $0.00001320 on September 6. This bullish rally, however, hit a barrier as the price reached the critical short-term resistance level at $0.000013. The resistance at this level, particularly around $0.00001320, marked the second retest in just three days, leading traders to take profits. As a result, the price of Shiba Inu fell from Thursday’s high of $0.00001320 to a low of $0.00001293.
The sharp reversal caught bullish traders by surprise, sparking a wave of liquidations. According to CoinGlass data, a total of $154,200 in Shiba Inu long positions were liquidated within 24 hours. Long positions made up the majority of these liquidations, totaling 11.4 billion SHIB, equivalent to about $149,230. In contrast, the short positions amounted to a modest $4,970, highlighting the dominance of long-liquidation pressure in this market move.
Shiba Inu’s Shibarium Reaches New Milestone Amid Price Volatility
On a positive note, Shiba Inu’s Layer 2 network, Shibarium, continues to make strides. Shibarium has surpassed 13 million blocks, with the total number of addresses now at over 272 million. Additionally, Shibarium has processed more than 1.5 billion transactions, marking a notable achievement for the blockchain ecosystem. Despite these advancements, the price volatility has raised questions among investors and traders alike.
Shiba Inu’s development team is also working on updates for its Leash token, which is expected to be implemented with OpenZeppelin libraries. The team has completed a full audit of the Leash v2 system, and the launch is anticipated soon. This update could provide additional utility to the Shiba Inu ecosystem, helping to enhance the overall network’s functionality.
