Shiba Inu Surges 9.3% Amid Infrastructure Upgrades and Short Squeeze

The Shiba Inu token has experienced a significant surge in price over the past day, increasing by 9.3% to $0.00000605.

This move comes amidst several infrastructure upgrades within the Shibarium network, which some traders believe may be contributing to the price action.

The liquidation data from CoinGlass suggests that short positions have taken the brunt of the damage over the past 24 hours, with $139.73K in short liquidations compared to $39.11K on the long side.

This pattern typically points to a short squeeze, where traders betting against the price were forced to close positions as SHIB moved higher, adding further upward pressure.