Shiba Inu Price Surges 30%+ Over Two Days Amid Leverage-Driven Rally
Shiba Inu (SHIB) has experienced a significant rally over the past two days, surging from an open near $0.000005 to an intraday high of $0.0000058, representing a gain of approximately 15% on the day.
The cumulative gains of Shiba Inu over these two sessions total roughly a third of its value, with the cryptocurrency clearing two resistance levels in succession but also pushing the 14-day RSI to around 81, which is considered deep into overbought territory.
Liquidation data from Coinglass reveals that shorts have been bearing the brunt of the squeeze, with approximately $2.65 million in SHIB positions liquidated over the past 24 hours, with short positions accounting for roughly $1.93 million of this total, more than 2.5 times the losses on the long side.
Funding rate data indicates that positive funding has been building in the derivatives market ahead of the breakout, which likely amplified the move once price cleared the 100-day SMA and forced shorts to cover.