Coinpaper 2026-03-11 14:43:07

Shiba Inu Price Drops After $333K Liquidation Wipes Out 59 Billion SHIB Tokens

Shiba Inu has faced intense selling pressure over the past 24 hours. Market volatility triggered the liquidation of more than 59 billion SHIB tokens, worth approximately $333,860 in leveraged positions. The broader crypto market recorded $248.35 million in total liquidations during the same period, underscoring a wave of risk-off sentiment across digital assets. At press time, SHIB trades around $0.00000581, retreating from a short-lived rally that pushed the token to a daily high of $0.000006063. Despite the pullback, the token remains up 0.99% over the past 24 hours and 4.99% over the past week. Over the past 30 days, however, SHIB is still down 2.90%. Long Traders Bear the Brunt of Liquidations The majority of losses fell on traders holding long positions. According to CoinGlass data , long liquidations reached approximately $240,440, equivalent to roughly 42.75 billion SHIB tokens. Short liquidations accounted for the remaining $93,420, representing around 16.61 billion tokens. The sequence of events reflects classic liquidation dynamics. SHIB staged a relief rally after hovering near $0.0000053 for most of the week. As the token climbed above $0.000006, short sellers were squeezed out of their positions first. The rally then reversed sharply, catching long traders off guard and triggering a second wave of forced closures. Across the broader crypto market, approximately 87,099 traders were liquidated in the past 24 hours. Ethereum recorded the largest share of liquidations at around $2.38 million, followed by Bitcoin at approximately $1.51 million. The largest single liquidation event occurred on Hyperliquid. Overall, long positions accounted for $135.8 million in losses, while short positions totaled $112.54 million. Key Technical Levels That Will Define SHIB's Next Move Shiba Inu currently trades below its 50-day and 100-day exponential moving averages (EMAs), which sit at $0.00000638 and $0.00000726, respectively. These levels represent meaningful overhead resistance. Until the token closes above them on a sustained basis, the technical picture remains bearish. Immediate support lies near $0.0000052. A break below this level could expose SHIB to further downside. Conversely, a decisive push above the $0.00000726 EMA resistance would signal a potential shift in momentum and could mark the beginning of a new bullish phase for the token. The current consolidation around $0.0000056 suggests the market is in a state of indecision. Buyers are attempting to defend the recent gains from the rally, while sellers continue to apply pressure following the sharp reversal.

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