Shiba Inu SHIB/USD traded nearly 5.5% higher over 24 hours leading up to the time of writing at $.00001116.
What happened: SHIB’s gains overshadowed those of major cryptocurrencies like Bitcoin BTC/USD and Ethereum (ETH), which traded in the red at the time of writing.
SHIB was among the ten most-mentioned coins on Twitter at the time of writing, according to data from Cointrendz.
See Also: Is Shiba Inu (SHIB) A Good Investment?
The meme coin had a relative strength index of 81.47, which indicates SHIB has entered the overbought territory.
Coinglass data indicated that over 12 hours, $51.92 million worth of short positions were liquidated, while $178.19 million of long SHIB positions were liquidated.
Why It Matters: The meme coin has shot up 22.3% over a seven-day period. On Tuesday, the coin rallied after short positions worth nearly $790,000 were liquidated.
Earlier this week, the Ethereum-based meme coin got a boost after its lead developer Shytoshi Kusama posted a social media update on Shibarium — a Layer-2 blockchain solution.
SHIB was the most-traded token among Ethereum Whales and also the biggest token in terms of dollar value, according to Whalestats, at the time of writing.
Image and article originally from www.benzinga.com. Read the original article here.