Shiba Inu has risen about 6% in the last 24 hours after Monday’s larger crypto market declines.
Dogecoin, the rival meme crypto Dogecoin, has not seen as much bounceback as it was as of writing. It is up less than 1 percent.
After yesterday’s dramatic collapse during which many top coins lost 10% or more, the cryptocurrency market is showing some signs of life. The market is up by a few percentage points today. And when it comes to tokens and meme coins, Shiba Inu has a faster rate than its main rival, Dogecoin.
According to CoinMarketCap data, Shiba Inu is up about 5% in the last 24 hours. It currently stands at $0.000016155. Dogecoin (DOGE) is down less than 1% with a price currently at $0.109833.
What is triggering SHIB’s faster recapture of value? This time, there is no sign of a sudden spike in the 24-hour chart or tweets from creators or major influencers.
It is possible that Shiba Inu suffered a more severe blow yesterday in the midst of market chaos, but has rebounded a bit better since then. Meme tokens and coins are notoriously volatile, and can fluctuate in value in any direction even if it’s only fractions of a pennies.
Despite the difficult losses, Shiba inu has remained strong. It has fallen 21% and 33% in the last week. Comparable to DOGE which lost about 16% over the past week and 23% over the last month.
Both coins have seen a substantial decline in value since their respective peak dates of 2021. Shiba Inu’s value has fallen 81% since October’s all-time high. Dogecoin’s value is down 85% since May 2021, when it reached its peak ahead of the wider markets crash.
This compares to the top cryptocurrencies Bitcoin and Ethereum which are down 55% & 52% from their all-time highs set last November.
In the midst of crypto market chaos, Shiba Inu reached a seven-month low yesterday while Dogecoin has fallen to its lowest point in over a year –since April 2021.