Shiba Inu (SHIB) experienced significant market turbulence as over 6.2 billion tokens linked to long positions were liquidated, following a price dip below $0.000008. Despite a brief recovery to $0.000008133, SHIB struggled to sustain its momentum amid a broader cryptocurrency market downturn. Long liquidations represented $49,560, or 85.44% of total liquidations in the last 24 hours. In a related development, SHIB's daily burn rate soared by 859.60%, with 12.91 million tokens burned. This included a substantial 9.5 million SHIB burn executed by CEX.io, highlighting ongoing efforts to reduce the circulating supply.