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Shiba Inu (SHIB) Recovers 40% from Recent Low, Surpasses Polygon (MATIC)

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Sun, 01/23/2022 - 08:18
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Alex Dovbnya
Shiba Inu has pared recent losses, climbing to 14th spot on CoinMarketCap
Shiba Inu (SHIB) Recovers 40% from Recent Low, Surpasses Polygon (MATIC)
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Shiba Inu (SHIB) has managed to stage an impressive comeback, recovering 40% from its Jan. 22 low.

SHIB
Image by tradingview.com

Presently, it is the 14th biggest coin by market capitalization after surpassing Polygon (MATIC), CoinMarketCap data shows.  

The canine cryptocurrency is currently trading at $0.00002316 on the Binance exchange.

As reported by U.Today, SHIB collapsed to $0.00001704, its lowest level since Oct. 6 amid an ugly sell-off. It slipped to the 16th spot by market cap on Saturday, severely underperforming other cryptocurrencies. Even the increasing burn rate didn’t help to stave off the disastrous crash.   

The Ethereum-based token is still down -73.37% from its record-high after the recent uptick. It is also down 24% over the past week, which is in line with the rest of the market.

According to data provided by IntoTheBlock, only 39% of SHIB holders are in profit at the moment.   
 
Bitcoin (BTC), the number one cryptocurrency, plunged to a multi-month low of $34,000 on the Bitstamp exchange. Ethereum (ETH), the biggest altcoin, careened to as low as $2,300.

Related
Shiba Inu and Dogecoin Have to Fade Into Irrelevance for Bitcoin and Ethereum to Thrive, According to Bloomberg Analyst

Uphold adds support for Shiba Inu

Multi-asset exchange Uphold recently announced that it had listed Shiba Inu, becoming yet another top trading platform to embrace the meme cryptocurrency.

Earlier this month, the Dogecoin rival also went live on Indian cryptocurrency exchange Giottus and Mexican cryptocurrency exchange Bitso.

Robinhood, the top online brokerage, is yet to list Shiba Inu despite hundreds of thousands of requests. As reported by U.Today, Jason Warnick, the company’s chief financial officer, said that the company would keep its options “opened” when it comes to listing new assets.

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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.