SHIB is up 8% while Bitcoin closes the week at $ 50,000
According to data from CoinMarketCap, Shiba Inu (SHIB) currently outperforms most of the top 100 cryptocurrencies after rising 8%.
Only Oasis Network (ROSE), Kadena (KDA) and Quant (QNT) saw bigger gains in the past 24 hours.
Shiba Inu is currently just behind Avalanche (AVAX) in the battle for 12th place. The capitalization gap between the two cryptocurrencies is currently less than $ 2 billion.
SHIB / USDT 1 hour chart. Source: TradingView
Bitcoin closed the week straight at $ 50,000. It hasn’t been able to hold that level for long, however, and is currently falling to $ 48,781. Bitcoin quickly rebounded to $ 50,000 on the US inflation news, but the bulls were unable to maintain the upward momentum.
BTC / USDT 1W chart. Source: TradingView
Polkadot (DOT) and Terra (LUNA) are the top performers in the top 10 with gains of 3.6% and 2.9% respectively.
Ethereum (ETH) continues to move sideways after a rally against Bitcoin earlier this week and is currently down over 1% against the USD and 0.5% against BTC.
The Dogecoin coin meme has fallen more than 2% and is struggling to gain traction. It is now 77.69% below its May high.
Shiba Inu also had to recover 56.75% to return to his previous peak.
Earlier this week, Flexa and BitPay, two leading crypto payment companies, both announced their support for Shiba Inu. SHIB continues to see more integrations with Bitstamp, which revealed earlier this week that users can use it to trade meme coins.
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