Shiba Inu experienced a 52% rise in just one week, whereas other cryptocurrencies are experiencing a downward trend.
This week has been rough on digital currencies, with losses of around $1 trillion in value over the course of seven days back in January. Shiba Inu coins were the first to recover, putting a damper on Bitcoin’s decline.
Why is Shiba Inu going up today?
On Tuesday, the price of Shiba Inu jumped 12% in one day, adding another 52% to their run in a week. BTC and ETH each rose by 13% and 17%, respectively.
As of Tuesday morning, BTC was at $43,278.60 per coin and ETH was at $3,092.01 per coin.
SHIB has been on a downward slide in recent months, losing 75% of its value after peaking at $0.00008616 per coin in October.
SHIB, which has a market capitalization of $17.9 billion, was trading at 0.0003277 BTC on Tuesday. It is the 13th-largest cryptocurrency by market cap.
Another meme-based cryptocurrency, Dogecoin, has also seen a boost in value in recent days. On Friday, dogecoin was priced at $0.14 per coin. Since then, its value climbed to $0.16 per coin.
Let’s see if SHIB can continue its rise in the upcoming days.
