Shiba Inu Sees Nearly $17M Shorts Liquidated Over 24 Hours

Shiba Inu (CRYPTO: SHIB) saw one of its largest-ever liquidation days on record on Thursday.

What Happened: According to data from CoinGlass, $16.84 million SHIB short positions were liquidated on July 28.

Meanwhile, long SHIB positions saw $300,000 worth of liquidations, taking the total number of SHIB liquidations to $17.14.

The single largest liquidation order across all cryptocurrency exchanges also belongs to a Shiba Inu trading pair on Bitfinex. The liquidated SHIB perpetual contract was valued at $5.57 million.

SHIB was also the fourth-most liquidated crypto asset after Ethereum (CRYPTO: ETH), Bitcoin (CRYPTO: BTC) and Ethereum Classic (CRYPTO: ETC), a somewhat unusual scenario given its comparatively lower daily trading volume. 

ETH traders saw $243 million liquidated, while BTC traders and ETC traders recorded $77 million and $38 million in liquidations, respectively.

See Also: Recession? Analyst Says Bitcoin, Ethereum, Dogecoin Rally Looks Set To Continue Unabated

Price Action:  According to data from Benzinga Pro, SHIB was trading at $0.00001192, up 4.9% over 24 hours. The token traded between an intra-day low of $0.00001116 and an intra-day high of $0.00001215 on Thursday.