thecryptobasic.com 
Prominent meme coin Shiba Inu has demonstrated bullish momentum, wrecking derivative positions betting against higher prices.
On Monday, Shiba Inu ($SHIB) climbed higher, increasing 4.8% to $0.00000631. The move followed broader bullish price action, with Bitcoin nearing $94,000 and XRP clinging to $1.47. Meanwhile, bears have been at the wrong end of this rebound.
Key Points
- In the past 24 hours, $50,120 worth of short positions (7,942,947,702 $SHIB tokens) faced liquidations, as $SHIB targeted higher prices.
- The short liquidations accounted for 84.7% of the total liquidated Shiba Inu positions, totaling $59,170, while longs accounted for just $9,050.
- Shiba Inu has shown resilience in price over the past few days, as it is on course for its 7th daily green candle in the past 8 days.
- Open Interest has also improved significantly from around $54.51 million on March 1 to $60.90 million today.
- $SHIB’s spot trading volume has surged by a staggering 112% in the past 24 hours to $22.23 million, with futures trading volume also increasing 109% to $148.3 million.
Shiba Inu Bears Wrecked
Data from Coinglass shows that the recovery has dealt significant blows to bears. In the past 24 hours, $50,120 worth of short positions were liquidated, as $SHIB targeted higher prices. At the current market price, this represents a staggering 7,942,947,702 $SHIB tokens.
The short liquidations accounted for 84.7% of the total liquidated Shiba Inu positions. Data shows that the total worth of positions chalked off the market in the past day is $59,170, with longs representing just $9,050 of it.
Generally, bears suffered heavier blows across the crypto market. The sector’s total liquidation in the past 24 hours stands at $353 million, with $292 million of them short bets. Longs accounted for $60.9 million, likely representing late longs or overleveraged positions liquidated during quick pullbacks.
Shiba Inu OI and Volume Climb Amid Price Rebound
Notably, Shiba Inu has shown resilience price-wise in the past few days. The token is on course for its 7th daily green candle in the past 8 days, a run last seen in September 2025.
The resurgence followed a rebound from the key weekly support level around $0.00000520 on March 8. From the lows, $SHIB has bounced 20%, turning green on the monthly timeframe. The token recorded a 12.3% rise in the previous week, its largest since early January, when it surged 22.3%.
Meanwhile, open interest has also improved significantly from the levels in early March, signaling that derivative interest is returning. From around $54.51 million on March 1, $SHIB OI has climbed to $60.90 million today.
Additionally, trading volume has climbed, indicating that increased market activity is backing the recent price resurgence. Per Coinglass, $SHIB’s spot trading volume has surged by a staggering 112% in the past 24 hours to $22.23 million. Taker buy and sell orders are nearly in equilibrium, signaling that traders have no clear bias.
The futures trading volume has also surged 109% in the past 24 hours to $148.3 million. This aligns with a rising OI, reinforcing the token’s growing traction among market participants.
What’s Next for Shiba Inu Price?
In the meantime, Shiba Inu trades above a key resistance area at $0.00000590, and holding could spark further bullish price action. Nonetheless, the broader Shiba Inu structure remains bearish unless it breaks this pattern.
Earlier recoveries of this nature have resulted in lower highs, as seen in January and February. As such, a break above the previous lower high at $0.00000725 on February 14, with strong volume, could confirm a bullish reversal.
