Shiba Inu Gains Outpace Dogecoin as $6 Million in Positions Are Liquidated

Shiba Inu rose more than other dog-themed tokens, while Dogecoin climbed only about 6% over the same period and most other meme coins advanced around 10%, suggesting capital was concentrated in SHIB. According to ChainCatcher, derivatives data showed about 2,300 traders’ SHIB and 1,000 SHIB positions were liquidated during the rally, totaling roughly $6 million, with shorts accounting for about $5 million. Analysts said the short covering was more likely a result of the price increase rather than the main driver of the move.