Shiba Inu surges over 5% even as major cryptos turn red –

Shiba Inu surges over 5% even as major cryptos turn red –

Shiba Inu SHIB/USD is trading nearly 5.5% higher at $0.00001116 in the 24 hours prior to the time of writing.

What happened: SHIB’s gains overshadowed those of major cryptocurrencies such as Bitcoin BTC/USD and ether (ETH), which was trading in the red at the time of writing.

According to data from Cointrendz, SHIB was among the top ten most mentioned coins on Twitter at the time of writing.

Also See: Is Shiba Inu (SHIB) a Good Investment?

The meme coin had a relative strength index of 81.47, suggesting that SHIB has entered overbought territory.

Coinglass data showed that $51.92 million worth of short positions were liquidated in 12 hours, while $178.19 million worth of SHIB long positions were liquidated.

Why it matters: The meme coin has skyrocketed by 22.3% over a seven-day period. On Tuesday, the coin rallied after liquidating nearly $790,000 worth of short positions.

Earlier this week, the Ethereum-based meme coin received 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 at the time of writing, according to Whalestats, and also the largest token in terms of dollar value.

Read on: How much would $100 invested in Shiba Inu be worth today if the meme coin returned to Shiboshi hype era levels