Shiba Inu's Momentum Falters as Token Falls 14% from Multi-Month High

Shiba Inu (SHIB) has taken a significant hit in recent days, losing momentum after briefly breaking above the $0.000006 level. The token's price has given back much of its gains from the latest crypto market rally, falling to $0.000005298 at press time.

This decline has also hurt leveraged traders who positioned for SHIB to extend its rally. According to CoinGlass data, $256,150 worth of SHIB leveraged positions were liquidated over the past 24 hours, with long traders absorbing most of these losses.

The token's ranking is becoming increasingly vulnerable as rival assets close in. Currently, SHIB ranks as the 27th-biggest cryptocurrency, but its position could be overtaken by Sui if it continues to fall.