Shiba Inu Price Soars After Market-Wide Liquidation Event

Shiba Inu's price has been on the rise in recent days, reaching $0.00000515 and increasing by 2.85% within a day.

This surge is largely attributed to the market-wide liquidation event that took place on Wednesday, where roughly $3.38 billion in crypto was liquidated across 192,002 traders.

The short squeeze dynamic has turned bearish traders into forced buyers, pushing sentiment across the altcoin complex higher and contributing to SHIB's upward momentum.

However, it remains to be seen whether this rally is sustainable, with some analysts pointing out that a token needs enormous capital inflow to double again at its current market cap.