Shiba Inu Price U-Turn Triggers 310,077,519 SHIB Long Liquidations

Shiba Inu’s price reversed lower in the early Sunday session, following a rebound in Saturday’s session to a high of $0.00001306.

At the time of writing, SHIB was down 0.19% in the last 24 hours to $0.0000129 as the broader crypto market largely traded in red with $180 million recorded in crypto liquidations.

Shiba Inu’s price U-turn caught bulls, who had hoped for a continuation of the relief rally after a two-day drop on Thursday and Friday from $0.0000136 to $0.00001279, unawares.

In the last 24 hours, Shiba Inu saw $5,520 in total liquidations with longs accounting for the majority, while short liquidations came in at $1,510. According to CoinGlass data, 310,077,519 SHIB were liquidated in long liquidations as SHIB fell to a low of $0.00001281 in the early Sunday session.

Shiba Inu is attempting to hold support at the daily SMA 50 at $0.00001285. A decisive move above the daily SMA 200 at $0.00001297 will be watched for a continuation of Shiba Inu’s price rise.

Shibarium bridge update

Shiba Inu developer Kaal Dhairya provided an update on the Shibarium bridge incident where unauthorized validator signing power was used to push a malicious state/exit through the PoS bridge, withdrawing multiple assets.

Dhairya noted that right before the attack happened, a small win was being celebrated in the Shiba Inu team: The cross-chain ShibaSwap work and the new ShibaSwap UI launch. Dhairya stated a plan to propose a “fix” to issues in the Shiba Inu ecosystem. This plan included solutions for fragmentation, a multichain DEX upgrade, an improved rewards engine, liquidity incentives via gauges, a reputation/attestation/roles layer, modified council elections, IP tokenization with royalties tied to rewards and burns, integrated NFTs/gaming/metaverse, privacy and scaling with modular rollups and growth and ambassador programs.

For now, the Shibarium bridge remains restricted until deemed safe and verified.