Shiba Inu Price Surges 12% on $3.1 Billion Short Squeeze

Shiba Inu's price surged over 12% after a wave of short liquidations totaling $3.1 billion pushed the meme coin toward its closely watched target of $0.000005.

The rally was part of a broader cryptocurrency market rebound, with approximately $3.38 billion in positions liquidated across 192,002 traders. The significant difference between long and short liquidations highlighted the impact of bearish traders being forced to close their positions as prices moved higher.

The scale of the short squeeze became a major catalyst behind the rally, with Shiba Inu's price reaching an intraday high of $0.00000502 before trading around $0.00000495. The token remained up roughly 10% over seven days, highlighting its strength in the recent rebound.