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Shiba Inu Leads Weekly Altcoin Rally with 57% Growth as Matic and Ethereum Follow

Thu, 02/10/2022 - 10:43
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Arman Shirinyan
Market is slowly recovering as assets like Shiba Inu, Matic and Ethereum move up
Shiba Inu Leads Weekly Altcoin Rally with 57% Growth as Matic and Ethereum Follow
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Shiba Inu ended up among the weekly leaders of the rally on the altcoins market, with Ethereum and Matic following in second and third places.

According to data from CoinMarketCap, Shiba Inu resulted in a 57% increase in the last seven days, while Matic has shown a 30% price increase, which puts it in second place on the list of most profitable assets with a capitalization of over $10 billion in the last seven days.

CMC SHIB Data
Source: CoinMarketCap

Ethereum, on the other hand, could not surprise its investors with 50% growth but has still moved through the trading week with a 20% price increase right after losing almost 30% since the middle of January. At press time, Ethereum has covered January's losses and now trades at Jan. 17 levels.

As for Shiba Inu, the memetoken was able to recover all losses that traders have experienced in the last 30 days of holding Shiba Inu. The dog-themed token is now trading at the Jan. 3 level, or $0.000032. The profitability of the token, according to IntoTheBlock, has increased from approximately 30% to 50%.

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The rapid price increase was most likely tied to the fundamental growth of the project that previously announced the creation of Shiberse Metaverse, the opening of its own fast food chain and the release of other use cases.

As for Matic, the token has also shown an impressive performance during the recovery rally on the cryptocurrency market with 34% growth. Previously, Matic lost the same 34% of its value since the beginning of January.

At press time, Shiba Inu is trading at $0.000032, Ethereum is consolidating at $3,214, and MATIC is trying to remain above $2. The overall market sentiment still remains positive despite the negative movements we observed in the last two days.

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About the author

Arman Shirinyan is a trader, crypto enthusiast and SMM expert with more than four years of experience.

Arman strongly believes that cryptocurrencies and the blockchain will be of constant use in the future. Currently, he focuses on news, articles with deep analysis of crypto projects and technical analysis of cryptocurrency trading pairs.