Shiba Inu Rises 18% As Bitcoin Recovers $48,000

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Alex Dovbnya

Shiba Inu (SHIB) leads the rest of the market again, rising more than 18%

The price of the Shiba Inu (SHIB) cryptocurrency is up more than 18% in the past 24 hours, according to data from crypto ranking website CoinMarketCap. It is trading at $0.00002904 on the Binance exchange at the time of printing.

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The joke cryptocurrency remains in 15th place by market cap, with a valuation rising to $15.8 billion. It almost surpasses TerraUSD (UST). The gap between the two cryptocurrencies has now narrowed to less than $500 million after the most recent price rally.

As reported by U.Today, the meme cryptocurrency, which made headlines last year for its monstrous gains, recently became available on Canadian cryptocurrency brokerage app Netcoins.

Last week, multiple merchants also started accepting SHIB and Doge Killer (LEASH) in partnership with cryptocurrency payment gateway NOWpayments.

Despite the recent rally, it would still be an uphill task for Shiba Inu to restore its previous record as it is still down a whopping 66.41% from its all-time high of $0.00008616.

Rival Dogecoin (DOGE) is also up 8% today, performing in line with the broader cryptocurrency market.

Bitcoin (BTC), the world’s largest cryptocurrency, hit $48,000 earlier today and turned positive for the year after a several-month downward trend.

The price of Ethereum (ETH) is also around 7.5% and it is rising above the $3,400 level.

Terra (LUNA) and Avalanche (AVAX) are the top performers in the top 10 cryptocurrencies by market cap. The two “Ethereum killers” are slightly ahead of Solana in daily performance. Such OG cryptocurrencies like Waves (WAVE) and EOS (EOS) have also posted double-digit gains, outpacing the top altcoins. The total value of the entire cryptocurrency market stands at $2.1 trillion.

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