Shiba Inu proves that despite the turmoil of the previous weeks in the broader cryptocurrency market, it can hold its own and not be alarmed by what’s going on.
After a heavy sell-off in the previous session, the major cryptocurrencies recovered on Wednesday. However, the increases were modest, indicating slowing market confidence.
Both Dogecoin and Shiba Inu, better known as “meme cryptocurrencies,” have seen the biggest growth in recent years, but they have also incurred significant losses as a result of this crash.
With the exception of Terra’s LUNA and Tether, which is pegged to the dollar, other major cryptocurrencies have seen gains. Shiba Inu stock is up about 10%, followed by Avalanche, Solana which is up 5%. Both BNB and XRP are up 3%.
Suggest reading | Shiba Inu: The largest dollar holding among the richest Ethereum whales
The cryptocurrency market showed signs of life on Wednesday, after the previous day’s sharp decline, during which several leading coins lost 10% or more of their value.
Shiba Inu is weathering the storm better than its rivals (The Goa Spotlight)
Shiba Inu outperforms Dogecoin
Overall, the market is up 2 percentage points today, and when it comes to coins and tokens, Shiba Inu is outperforming its main competitor, Dogecoin.
Despite a 70% crash in the first three months of 2022, which left the token badly bruised and on the verge of extinction, it has managed to crawl out again and stay in survival mode.
According to CoinMarketCap data, SHIB stock is up nearly 5% in the last 24 hours as of this writing, and is currently trading at $0.0001615. On the other hand, Dogecoin (DOGE) is currently trading at $0.109833, up less than 1%.
Looking at the influential people behind Dogecoin, it is possible that its decline was not alarming compared to other cryptocurrencies in the market.
In the wake of the broader turmoil in the cryptocurrency market, Shiba Inu hit a seven-month low yesterday, while Dogecoin fell to its lowest level in more than a year – since April 2021.
SHIB total market cap at $8.15 billion on the daily chart | Source: TradingView.com
LUNA being struck
The destabilization of underground treasuries caused the selling of heavy commodities such as BTC and ETH, which increased the overall market volatility.
The recent treasury crisis exposed significant weaknesses in the algorithm-powered stablecoin system, which will need to be addressed openly in order to restore investor confidence.
The value of the Earth’s reservoir counterpart, LUNA, has nearly halved in the past 24 hours. It recently traded at $32 per share.
The recovery of LUNA will depend on the remedial actions of the parent network / the Luna Guard Foundation, which has amassed a large reserve of Bitcoin through a series of large-scale BTC acquisitions.
… Is Bitcoin
Meanwhile, over the past week, the value of bitcoin has fallen by more than 20%.
This affects everyone who has money invested in any type of cryptocurrency, which is why so many people are getting rid of their holdings at an alarming rate.
The exact day and time of when or whether this decline will stop is unknown.
Suggest reading | Bitcoin price collapses below $30K as markets show signs of paranoia