Shiba Inu Rebounds Faster Than Dogecoin After The Crypto Crash

Following Monday’s broader crypto market falls, Shiba Inu is up roughly 6% in the last 24 hours. Dogecoin, a rival meme cryptocurrency, hasn’t fared as well, up less than 1%.

After yesterday’s dramatic fall, during which several of the major coins lost 10% or more of their value, the cryptocurrency market is showing signs of life today. Overall, the market is up a few percentage points today, and Shiba Inu is outperforming its main competitor, Dogecoin, when it comes to meme coins and tokens.

Shiba Inu (SHIB) is up roughly 5% in the past 24 hours, according to Coincu statistics, and is currently trading at $0.00001615. Dogecoin (DOGE) is currently trading at $0.109833, up less than 1% from its previous high.

What causes SHIB to regain value more quickly? This time, there’s no obvious sign—no tweet or announcement from the creators or a prominent influencer, and no sudden pops on the 24-hour chart.

It’s possible that Shiba Inu merely plummeted harder yesterday as a result of the broader market turmoil, and has since bounced back up even harder. Meme coins and tokens are notoriously volatile, with value swinging rapidly in both directions, even if it’s only fractions of a penny.

Despite this, Shiba Inu has weathered some of the more recent losses. It’s down approximately 21% in the last week and 33% in the last 30 days. In comparison, DOGE has lost around 16% of its value in the last week.

In the end, both coins have lost a large portion of their value since their respective peaks in 2021. Shiba Inu has lost 81% of its worth from its all-time high in October, while Dogecoin has lost 85% of its value since peaking in May 2021, just ahead of the market meltdown.

In comparison, the two most popular cryptocurrencies, Bitcoin and Ethereum, are down 55% and 52%, respectively, from their all-time highs reached in November.

In the midst of the broader crypto market volatility, Shiba Inu hit a seven-month low yesterday, while Dogecoin is at its lowest point in over a year—since April 2021.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Patrick

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