Shiba Inu Price Breaks Descending Channel as Market Cap Surges Past $2 Billion

Shiba Inu has broken out of its descending channel on the 4H chart and is now retesting the breakout zone near $0.0000048.

The price has been trading at around $0.000004763, up over 7% in the past 24 hours, with a market cap of $2.825B that puts it around the 33rd largest cryptocurrency overall.

According to liquidation data from Coinglass, Shiba Inu's recent move triggered $116.79K in total liquidations over the past 24 hours, with shorts taking the bigger hit at $81.58K against $35.21K in long liquidations.

The price is currently sitting right at the retest zone near $0.0000048, based on TradingView data, with the shorter-term EMAs all clustered tightly between $0.00000454 and $0.00000458, right around the retest area.