A total of 6.2 billion Shiba Inu (SHIB) long positions were liquidated following a significant price drop, coinciding with an 859% surge in the burn rate over 24 hours. SHIB's price briefly recovered to $0.000008133 before succumbing to broader market bearishness. CoinGlass reported $49,560 in long liquidations, making up 85.44% of total liquidations. Additionally, over 12.91 million SHIB were burned, with CEX.io responsible for the largest single burn of 9.5 million tokens.