Shiba Inu Surges 12% Amid $3 Billion Short Squeeze and Congressional Crypto Push

Shiba Inu's price surged over 12% as a short squeeze fueled a crypto market rally. The $3 billion in liquidations is the largest recorded since 2021, according to CoinGlass data.

The Shiba Inu token briefly touched an intraday high of $0.00000502 before retreating slightly, trading at $0.00000495. This comes amid a market rally boosted by an appeal to Congress to pass crypto market-structure legislation and signs of greater liquidity in the Treasury market.

The Clarity Act may finally be going through the Senate, with a procedural vote expected for September 15, according to Tim Scott, who oversees the Banking Committee. This news, combined with the listing of SHIB on UEX US, has contributed to the token's recent gains.