Meme coin Shiba Inu SHIB/USD saw nearly $6 million worth of liquidations over 24 hours late Sunday.
What Happened: SHIB surged from an intra-day low of $0.00001272 to a three-month high of $0.00001743 on Sunday, as per data from Benzinga Pro. At press time, the meme coin was trading at $0.00001739, up 37% over the last 24 hours.
The cryptocurrency’s sudden surge led to cascading liquidations, particularly for traders with short positions, as per data from CoinGlass.
At the time of writing, there was over $13.7 million worth of SHIB liquidations recorded over a 24-hour period, making it the third most liquidated asset after Bitcoin BTC/USD and Ethereum ETH/USD.
Cryptocurrency liquidations over 24 hours. Data: Courtesy of Coinglass.
Around $9.3 million SHIB shorts and $4 million SHIB longs were liquidated over 24 hours.
See Also: IS SHIBA INU (SHIB) A GOOD INVESTMENT?
A series of whale transactions seen over the weekend likely caused the massive price move, as per data from Santiment reported earlier today. The market intelligence platform noted that there had been 433 daily transactions over $100,000 on Sunday — the highest level in four months.
Shiba Inu’s rival Dogecoin DOGE/USD also struck significant gains late on Sunday. At press time, DOGE was trading at $0.081, up 10% over the last 24 hours.