SHIB Soars 20% Amid Crypto Market Revival

Republished By Plato

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The price of Shiba Inu (SHIB) has surged by an impressive 20% over the last day, according to data provided by CoinGecko.

The popular meme coin touched a daily high of $0.00002930 earlier today and is trading at $0.00002753 at press time, levels not seen since January 18.

Currently, SHIB is the world’s 14th-largest crypto asset with a market cap of $15.1 billion, with the latest run bringing its total gains to 30% in the past seven days.

Shiba Inu has also seen a significant increase in trading volume—with over $2.5 billion in trades over the past 24 hours, it is now the sixth most traded cryptocurrency behind Tether (USDT), Bitcoin, Ethereum, Binance USD, and XRP.

However, there’s still a long way for SHIB to return to its all-time high of $0.00008616 that was recorded at the end of October last year. The coin is 68.2% away from historical levels and is still down 3.8% over the last month.

Several other meme-themed cryptocurrencies are on the rise as well, with the likes of Floki Inu and Floki One jumping by 17.4% and 8.7%, respectively.

Dogecoin (DOGE), the original meme coin, is up 5.6% over the same period of time.

Crypto markets rebound

The crypto market is largely in the green over the day, with Bitcoin approaching the $43,000 mark last seen on January 20, and Ethereum reclaiming the $3,000 level.

At the time of writing, the benchmark cryptocurrency is up 1.9% in the last day, changing hands at $42,522; Ethereum is up 1.6%, trading at $3.076.

Among other ten largest cryptocurrencies, XRP gained 12.9% in the past 24 hours, Cardano (ADA) spiked by 4.5%, while Terra and Polkadot (DOT) are up 3.1% and 2.7%, respectively.

The combined market cap of all cryptocurrencies has crawled back above $2 trillion on Monday, with Bitcoin dominating almost 40% of the market.

Time Stamp: February 7, 2022