Shiba Inu Price Plunge Wipes Out $48 Billion in Long Positions

Shiba Inu has experienced a significant price drop of 4.09% over the past 24 hours, causing $48.34 billion in long positions to be liquidated.

The token fell from its multi-month high of $0.000006191 to a current price of $0.000005298, down 14.42% from its recent peak.

This decline has put pressure on the asset's ranking, with Shiba Inu currently holding the 27th position in the global cryptocurrency rankings, just ahead of Sui which is closing in with a market cap of around $3.1 billion.