More than 59 billion Shiba Inu tokens were liquidated in a day as market volatility increased, blockchain outlet The Crypto Basic reported on Tuesday.

Shiba Inu traded around $0.0000053 before rebounding to break above $0.000006. Positions held by traders betting on a decline were liquidated during the move, but the rise did not last long. Shiba Inu then plunged, leaving long-position traders with heavy losses.

As of Tuesday, Shiba Inu was trading around $0.0000056 amid a broader slide across the cryptocurrency market. The sharp price moves hit futures traders hard. CoinGlass data showed $333,860 in leveraged Shiba Inu positions were liquidated over the past 24 hours, equivalent to 59.36 billion tokens.

Long-position investors took the biggest losses. Long liquidations totaled $240,440, equivalent to 42.75 billion tokens at a current price of $0.000005624. Short liquidations were $93,420, or 16.61 billion tokens.

Shiba Inu liquidation data also matched broader moves in the overall cryptocurrency market. Over the past 24 hours, $248.35 million in leveraged positions were liquidated across digital assets including Shiba Inu. Ethereum posted about $2.38 million and Bitcoin $1.51 million, the biggest liquidations. Long positions totaled $135.80 million and shorts $112.54 million. A total of 87,099 traders were liquidated, and the largest single liquidation occurred on Hyperliquid.

Shiba Inu is now showing stability around $0.0000056. It has fallen from Tuesday's high of $0.000006063 but is holding on to part of its recent rebound. Shiba Inu is up 1.41 percent over the past 24 hours and 3.28 percent from a week earlier, but down 8.37 percent over 30 days.

Investors expect a sustained uptrend to arrive soon, but Shiba Inu remains below its 50-day moving average of $0.00000638 and its 100-day moving average of $0.00000726, which are acting as strong resistance, the outlet reported. It said $0.0000052 is a key support level, and a break above $0.00000726 could start a new uptrend.