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Shiba Inu (SHIB) Shines in Sea of Red

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Thu, 11/11/2021 - 20:08
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Alex Dovbnya
The meme coin is holding strong amid a market correction
Shiba Inu (SHIB) Shines in Sea of Red
Cover image via stock.adobe.com

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Bitcoin, which hit a new all-time high of $69,000 on Wednesday, is now down 3.92%, exerting pressure on the broader cryptocurrency market.

Apart from Shiba Inu and two stablecoins, every other top 30 cryptocurrency is also in the red.

SHIB
Image by coinmarketcap.com

XRP and Algorand (ALGO) are down more than 8%. Litecoin, however, is the biggest laggard, shedding 9%.

cardOMG Network (OMG), the 66th biggest crypto, is standing tall, soaring 12% over the past day.

SHIB is still down 36% from its all-time peak of $0.00008616 that was reached at the apex of retail mania in late October.

However, it seems like token is back in rally mode amid growing adoption. As reported by U.Today, AMC Theatres CEO Adam Aron confirmed that the movie theater giant would start accepting Shiba Inu for ticket purchases. 

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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.