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Shiba Inu (SHIB) Spikes 8%, Leading Crypto Market Recovery

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Fri, 11/19/2021 - 14:30
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Alex Dovbnya
Shiba Inu has recovered over 10% from its intraday low
Shiba Inu (SHIB) Spikes 8%, Leading Crypto Market Recovery
Cover image via stock.adobe.com

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Shiba Inu (SHIB) has managed to pare recent losses, spiking over 8% within an hour to an intraday high of $0.00004763.

SHIB
Image by tradingview.com

The meme coin is currently leading the modest recovery of the cryptocurrency market along with Avalanche (AVAX).

According to Coinglass data, over $1 million worth of SHIB tokens have been liquidated over the past hour, with short positions accounting for more than 70% of the sum.

SHIB is down -44.96% from its Oct. 28 all-time high at press time. On Nov. 18, it came close to slipping below the $0.00004 level, hitting its lowest level since Oct. 26.

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While the pullback is quite extreme, it was expected by market observers after Shiba Inu's headline-grabbing gains in the second part of October.

Bitcoin and Ether are down -16.67% and -13.91% from their respective peaks.

Dogecoin, the leading canine coin, is down -68.29% from its Elon Musk-driven price record reached in early May.

Despite Shiba Inu's bullish trend being on pause, it keeps being integrated by new exchanges, with Vienna-based Bitpanda opening a euro market for the meme coin earlier today.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.