The ongoing selling pressure surrounding Bitcoin and other factors have led to a decline in Shiba Inu's price today, with liquidations exceeding $2 million, a new four-month high. Notably, the cryptocurrency market has entered a new round of declines.

This time, prices have dropped to shocking levels, triggering widespread liquidations among bulls. Shiba Inu is one of the biggest victims of this round of selling, with its stock price dropping over 21% this month. Looking at a narrower scope, SHIB has plummeted 46% since June 1. The performance of Shiba Inu this month has made it one of the biggest losers in the overall market crash.

In context, this sharp decline is due to its high volatility. SHIB's current trading price is $0.00001359, down 7.11% this morning, having lost multiple support levels. These levels include the thresholds of $0.000015 and $0.000014. Shiba Inu bullish traders are shouldering losses, as most investors holding bullish positions in Shiba Inu hope that these thresholds may provide some defensive support.

After this violation, most bullish positions are facing liquidation. Coinglass's derivatives data confirms that just this morning, SHIB's liquidation amount reached $1.616 million. Shiba Inu liquidations Coinglass Shiba Inu liquidations | CoinGlass Notably, about $1.54 million of that is from bullish positions, accounting for over 95% of the total liquidations. Although the day is far from over, the $1.54 million in bullish liquidations is the highest level for SHIB in four months. The last time bullish investors lost this much money was on March 19, when bullish liquidations exceeded $2.77 million.

Market tracking agency Crypto Crunch has called for public attention to the large-scale liquidations that led to this figure. Interestingly, at 3 AM (UTC) today, when SHIB plummeted to the lower limit of $0.000014, a market whale discovered that its bullish position valued at $980.7K was liquidated.