[DigitalToday reporter Yoonseo Lee] Shiba Inu has fallen more than 12 percent in recent days, leading to liquidations of leveraged positions totaling 2,457,894,736 SHIB over the past 24 hours.

On May 19 (local time), blockchain outlet The Crypto Basic reported the liquidations occurred amid strong selling pressure across the broader cryptocurrency market after the weekend. Losses were concentrated in long positions that bet on a rise.

Shiba Inu traded at about $0.0000065 on May 14 before sliding below $0.000006 and then falling to $0.0000057. As the market moved toward further declines rather than a rebound, leveraged investors unwound positions in a wave.

CoinGlass data showed Shiba Inu-related liquidations totaled about $14,010 over the past 24 hours. At the current price of $0.0000057, that equals 2,457,894,736 SHIB. Of that, long liquidations were about $10,980, or 1,926,315,789 SHIB. Short liquidations were about $3,030, or 531,578,947 SHIB.

The concentration of liquidations in long positions suggests most investors expected Shiba Inu to rebound. But as market weakness persisted, leveraged long positions were automatically closed out.

Shiba Inu, which has strong meme-coin characteristics, is cited as an asset that responds sensitively to shifts in market sentiment. If the broader cryptocurrency market turns weak, unwinding of leveraged positions can widen quickly, and if risk appetite recovers, the size of a short-term rebound can also grow. This round of liquidations is also seen as being driven more by broad risk aversion than by Shiba Inu-specific factors.

Funding flows in and out of exchanges also showed different signals. The extreme volatility seen over the weekend began to ease, and investors withdrew more Shiba Inu from exchanges than they deposited. CryptoQuant data showed exchange inflows of about 330,350,000,000 SHIB over the past day and outflows of about 527,980,000,000 SHIB, resulting in net outflows of about 197,440,000,000 SHIB.

Net outflows from exchanges are typically interpreted as a sign of easing selling pressure. When investors move holdings off exchanges, the supply available for immediate selling can shrink. But with prices already sharply down, net outflows alone make it difficult to conclude a shift to a rebound, and whether fresh buying emerges is more important.

Shiba Inu has entered a phase in which leverage-driven liquidations and net exchange outflows are appearing at the same time. In the short term, volatility across the broader cryptocurrency market remains a key variable. For Shiba Inu as well, how quickly it escapes broad selling pressure, rather than attempts to rebound, is expected to determine the next move.