The Shiba Inu cryptocurrency has spiked almost 8% over the past 24 hours, outperforming other top cryptocurrencies.
The canine cryptocurrency has added 20% this week. While these gains are certainly nothing to write home about for meme coin aficionados, they still help the cryptocurrency stand out among other major altcoins amid anemic price action.
It should be noted that the SHIB token is still down 72.37% from its record peak that was registered on Oct. 28.
Despite the persistent bearish trend, the cryptocurrency continues to see merchant acceptance, with AMC Theatres, the number one movie chain in the world, adding support for Shiba Inu and Dogecoin, the original canine cryptocurrency, last week.
Earlier this week, Middle East cryptocurrency trading platform Rain announced that it intended to add the SHIB token to its line-up of available cryptocurrencies.
Ethereum Classic leading the pack
While Shiba Inu’s outperformance is definitely noteworthy, Ethereum Classic (ETC), a controversial hard fork of Ethereum that was created in the aftermath of the 2016 DAO hack, has stolen the spotlight. The cryptocurrency has surged by more than 20% within 24 hours, outstripping every single token within the CoinMarketCap top 100. It’s unclear what triggered the most recent price drop.
Terra (LUNA) is up 7% over the same period of time. The price of Cardano (ADA) has risen by a modest 3% over the last 24 hours. Ethereum, XRP, Avalanche, Dogecoin and Solana are flat-lining at the time of writing.
Bitcoin, the largest cryptocurrency, is in the red, extending its boring streak of sideways trading. The top coin is currently sitting just below the $42,000 mark.