2 Reasons Why Shiba Inu, Dogecoin, and XRP Are Soaring This Weekend
Positive momentum is reshaping the discussion around the crypto sector, once again. For meme projects such as Shiba Inu (CRYPTO: SHIB) and Dogecoin (CRYPTO: DOGE), this has materialized into some rather impressive gains. As of 11 a.m. ET, these two meme coins had appreciated 9% and 6.5%, respectively, over the past 24 hours.
Forced liquidations of these meme tokens have driven most of the incredible volatility with Shiba Inu and Dogecoin in recent days. For Shiba Inu in particular, liquidations of the SHIB, 1000SHIB, and SHIB1000 contracts have been more than 80% on the short end of this trade, according to the website Coinglass, which tracks this data. This means that those shorting this meme token are increasingly having their positions liquidated, forcing the price of SHIB higher, in a similar fashion as short-covering in the stock market.
Image source: Getty Images.
Source Fool.com
