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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.
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.
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.