– The cryptocurrency market is showing a little bit of life today after yesterdays drastic collapse, during which many of the top coins had shed 10% or more of their value. Overall, the market is up a couple percentage points todayand when it comes to meme coins and tokens, Shiba Inu is rising at a higher clip than its chief rival, Dogecoin.
– Shiba Inu (SHIB) is up about 5% over the last 24 hours, as of this writing, per data from CoinMarketCap, and currently sits at a price of $0.00001615. Dogecoin (DOGE), on the other hand, is up less than 1% at a current price of $0.109833.
– Whats triggering SHIBs speedier recapture of value? Theres no obvious sign this time aroundno tweet or announcement from the creators or a major influencer, nor does the 24-hour chart show any sudden pops.
– Its possible that Shiba Inu simply fell harder yesterday amid the wider market carnage, and then has bounced back up a bit harder as a result. Meme coins and tokens are famously volatile and can swing wildly in value in either direction, even when its ultimately fractions of a penny.
– Still, Shiba Inu has weathered the tougher losses of late. Its down about 21% over the past week, and 33% over the past 30 days. Compare that to DOGE, which has shed about 16% of its value in the last week, and 23% during the last month.
– Ultimately, both of the coins have lost a significant amount of their value since setting their respective peaks in 2021. Shiba Inu has dropped 81% in value since its October all-time high, while Dogecoin is down 85% since it peaked in May 2021 ahead of the wider market crash.