It's Happening Again -- Shiba Inu Goes Parabolic, Shooting 38% Higher Today
Today's been an absolutely incredible day for Shiba Inu (CRYPTO: SHIB) investors. This favorite of speculators has surged 38.1% over the past 24 hours, as of 10:15 a.m. ET.
Interestingly, there are a couple of drivers behind today's rise that investors may want to take note of. First, derivatives-linked liquidations (this time on bets mainly against Shiba Inu) have once again driven volatility, this time positively, for this meme token. Recent reports suggest that forced liquidations cost traders nearly $10 million, this time on traders betting the price of SHIB would fall. Approximately three-quarters of all SHIB futures are short as of the past 24 hours. As short positions get liquidated, forced buying drives up the price of a given token, often creating a squeeze-like atmosphere.
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Source Fool.com
