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Shiba Inu (SHIB) Price Rockets 25%, Outperforming Dogecoin (DOGE)

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Mon, 02/07/2022 - 06:07
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Alex Dovbnya
Shiba Inu has recovered more than 70% from its multi-month low of $0.00001704
Shiba Inu (SHIB) Price Rockets 25%, Outperforming Dogecoin (DOGE)
Cover image via stock.adobe.com

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The price of the Shiba Inu cryptocurrency has surged nearly 25% over the past 24 hours, according to data provided by crypto ranking site CoinMarketCap. It is currently changing hands at $0.00002793 on the Bitstamp exchange. 

Rival meme Dogecoin, for comparison, is up by a modest 6%.

The canine coin has also experienced a 244% increase in trading volume, topping $2.7 billion. It is the sixth most traded cryptocurrency (behind only Tether, Bitcoin, Ethereum, Bitcoin Cash and Binance USD). Shiba Inu is in third place on Coinbase, the number one crypto exchange in the U.S.    
 
Because of the recent price increase, Shiba Inu has climbed to 14th place by market capitalization, racing ahead of Polygon (MATIC). While the meme coin’s recent price spike is impressive, it is still down 67.47% from its record peak. Nevertheless, the Dogecoin competitor has gained 72% since plunging to its multi-month of $0.00001704.

SHIB
Image by tradingview.com

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Bitcoin, the largest cryptocurrency, peaked at $43,000 earlier today, recovering 30.5% from the recent low of $32,950. It is down 37.95% from the record peak.

The crypto king’s most recent price spike has pushed the rest of the cryptocurrency market higher. Ethereum, Binance Coin, Cardano, Solana and other major altcoins are in the green. Ripple-affiliated XRP is up roughly 10% over the past 24 hours.

The market capitalization of the entire cryptocurrency market is now inching closer to $2 trillion after surpassing $3 trillion in November.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.