Shiba Inu is proving that despite the previous weeks’ turmoil in the broader crypto market, it can stand its ground and be unfazed by what’s going on.
Following a severe selloff in the previous session, major crypto tokens recovered on Wednesday. However, the increases were modest, indicating sluggish market confidence.
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Dogecoin and Shiba Inu, commonly known as “meme cryptocurrencies,” have seen the most growth in recent years, but they have also suffered significant losses as a result of this meltdown.
Except for Terra’s LUNA and the dollar-pegged Tether, other major crypto tokens saw rises. Shiba Inu was up nearly 10%, followed by Avalanche, Solana, which rose 5%. BNB and XRP both climbed by 3%.
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The cryptocurrency market showed signs of life on Wednesday, following the previous day’s precipitous drop, during which many of the leading coins lost 10% or more of their value.
Shiba Inu is weathering the storm better than its rivals (The Goa Spotlight)
Shiba Inu Outperforms Dogecoin
Overall, the market is up a couple percentage points today, and when it comes to meme coins and tokens, Shiba Inu is outperforming its main competitor, Dogecoin.
Despite a 70% collapse in the first three months of 2022, which left the token severely bruised and likely on the verge of extinction, it managed to crawl back up and remain in survival mode.
According to CoinMarketCap data, SHIB is up roughly 5% in the last 24 hours as of this writing, and is currently trading at $0.00001615. Dogecoin (DOGE), on the other hand, is currently trading at $0.109833, up less than 1%.
Given the influential people behind Dogecoin, it’s likely that its drop was not as worrisome in comparison to other cryptos on the market.
In the wake of the broader crypto market upheaval, Shiba Inu struck a seven-month low yesterday, while Dogecoin is down to its lowest point in more than a year — since April 2021.
SHIB total market cap at $8.15 billion on the daily chart | Source: TradingView.com
LUNA Being Hammered
The destabilization of UST caused panic selling of heavyweights such as BTC and ETH, increasing overall market volatility.
The recent UST crisis exposed big weaknesses in the algorithm-backed stablecoin system, which will need to be addressed openly in order to regain investor trust.
The value of UST’s counterpart, LUNA, has roughly halved in the last 24 hours. It was recently trading at $32 per share.
The recovery of LUNA will be dependent on the remedial actions made by the parent network/Luna Guard Foundation, which has amassed a sizable Bitcoin reserve through a series of large-scale BTC acquisitions.
… So Does Bitcoin
Meanwhile, over the previous week, Bitcoin’s value has dropped by more than 20%.
This affects everyone who has money invested in any sort of cryptocurrency, which is why many people are disposing of their holdings at an alarming rate.
The exact day and time of when or if this decrease will come to a stop is unknown.
Suggested Reading | Bitcoin Price Crashes Below $30K As Markets Show Signs Of Paranoia
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