Shiba Inu Is Rebounding Faster Than Dogecoin After Crypto Crash

10 May 2022

in SHIBA

Reading Time: 4 mins read

In brief

Shiba Inu is up about 6% over the past 24 hours following Monday’s wider crypto market declines.
Rival meme crypto Dogecoin hasn’t seen as much of a bounceback, up less than 1% as of this writing.

The cryptocurrency market is showing a little bit of life today after yesterday’s drastic collapse, during which many of the top coins had shed 10% or more of their value. Overall, the market is up a couple percentage points today—and when it comes to meme coins and tokens, Shiba Inu is rising at a higher clip than its chief rival, Dogecoin.

Shiba Inu (SHIB) is up about 5% over the last 24 hours, as of this writing, per data from CoinMarketCap, and currently sits at a price of $0.00001615. Dogecoin (DOGE), on the other hand, is up less than 1% at a current price of $0.109833.

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What’s triggering SHIB’s speedier recapture of value? There’s no obvious sign this time around—no tweet or announcement from the creators or a major influencer, nor does the 24-hour chart show any sudden pops.

[crypto-donation-box]

It’s possible that Shiba Inu simply fell harder yesterday amid the wider market carnage, and then has bounced back up a bit harder as a result. Meme coins and tokens are famously volatile and can swing wildly in value in either direction, even when it’s ultimately fractions of a penny.

Still, Shiba Inu has weathered the tougher losses of late. It’s down about 21% over the past week, and 33% over the past 30 days. Compare that to DOGE, which has shed about 16% of its value in the last week, and 23% during the last month.

Ultimately, both of the coins have lost a significant amount of their value since setting their respective peaks in 2021. Shiba Inu has dropped 81% in value since its October all-time high, while Dogecoin is down 85% since it peaked in May 2021 ahead of the wider market crash.

Compare that to the leading cryptocurrencies, Bitcoin and Ethereum, which are down 55% and 52% respectively from their all-time highs, both set last November.

Shiba Inu hit a seven-month low yesterday amid the overall crypto market chaos, while Dogecoin is down to its lowest point in more than a year—since April 2021.

Disclaimer

The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.