ChainCatcher reported that Dogecoin (DOGE) rose only about 6% over the same period, while gains among other dog-themed tokens were mostly around 10%, suggesting that capital was concentrated in SHIB. In derivatives, roughly 2,300 traders’ SHIB positions and 1,000 SHIB positions were liquidated during the latest upswing, with total liquidations reaching about $6 million. Short positions accounted for about $5 million of that amount. The report added that short covering was viewed more as a result of the price rise than the main force behind the move. The figures point to stronger flows into SHIB relative to other meme tokens tracked in the same period.
According to ChainCatcher, Dogecoin (DOGE) gained only about 6% over the same period, while other dog-themed tokens mostly posted gains of around 10%, indicating that capital was mainly flowing into SHIB.
In the derivatives market, about 2,300 traders’ SHIB positions and 1,000 SHIB positions were liquidated during the latest rally. Total liquidations came to about $6 million, with shorts making up about $5 million.
The report said short covering was seen more as a consequence of the price increase rather than the main driver of the move.
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