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.
Major crypto tokens rebounded on Wednesday after a sharp selloff during the previous session. The gains were however modest and suggest a lack of market confidence.
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 climbed nearly 10%. Avalanche and Solana jumped 5%. BNB and XRP rose by 3%.
Shiba Inu is the largest dollar holder among Wealthiest Ethyl Whales| Shiba Inu: Biggest Dollar Holding Among Wealthiest Ethereum Whales
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 weathers the storm more than any of its competitors (The Goa Spotlight).
Shiba Inu outperforms Dogecoin
Market is overall up by two percentage points. Shiba Inu’s performance in meme coins is better than its main competitor Dogecoin when it comes tokens and meme coins.
It survived the 70% crash in the first 3 months of 2022.
CoinMarketCap data indicates that SHIB rose by roughly 5% during the 24 hour period. It is trading at $0.00001615. Dogecoin is trading at $0.109833, an increase of just 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 market capital at $8.15 Billion according to the daily chart. Source: TradingView.com| Source: TradingView.com
LUNA Being Hammered
A destabilization caused panic selling by heavyweights BTC and ETH. This increased volatility in the overall market.
Recent UST crises exposed major weaknesses in the algorithm-backed stabilitycoin system. These issues will have to be dealt with openly in order for investors to regain trust.
The value of UST’s counterpart, LUNA, has roughly halved in the last 24 hours. It traded recently at $32 pershare.
The parent network/Luna Guard Foundation will take the necessary remedial steps to recover LUNA. They have amassed a large Bitcoin reserve via a series of massive BTC acquisitions.
… So Does Bitcoin
Meanwhile, over the previous week, Bitcoin’s value has dropped by more than 20%.
All investors in cryptocurrency or any type of crypto currency are affected. Many people are selling their investments at alarming rates.
We don’t know the exact date and time at which this decline will end.
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