Cryptocurrency Market Suffers Significant Liquidations on Thursday

The cryptocurrency market saw a significant decline on Thursday, with Shiba Inu (SHIB) being the most affected asset.

According to data from CoinGlass, long positions worth $91,630 in SHIB were liquidated, accounting for 88.9% of total liquidations. This comes as no surprise, given that rallies have struggled to gain traction in recent weeks.

The price drop mirrors a familiar pattern seen in the market, where short-term holders continue to exhaust rallies and absorb momentum before any breakout can develop.