Shiba Inu (SHIB) Soars 18% as Crypto Market Recovers

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according to data Shiba Inu (SHIB), a leading meme cryptocurrency powered by CoinGecko, rose over 17%.

This meme cryptocurrency is trading at $0.0000268 on major spot exchanges. The previous peak was $0.00002795.

With a current value of $15.8 billion, it is the 12th largest cryptocurrency by market capitalization.

Dogecoin (DOGE) is the largest meme coin by market capitalization, currently valued at $23.2 billion.

However, SHIB is far from the top performing cryptocurrency in the past 24 hours. Meanwhile, the meme cryptocurrency Bonk (BONK) has risen over 42% in the past 24 hours.

PEPE and FLOKI are also up about 20%, following the broader bullish trend.

Breathe down Cardano’s neck

SHIB is currently close enough to surpass Cardano (ADA) in market capitalization. The latter is currently valued at $17.7 billion. This puts it in 11th place in terms of market capitalization.

Despite the recent gains, the price of the second-largest meme cryptocurrency is still down more than 68% from its recent high.

Rebound after halving?

Even though many expected the halving to be selling news, the crypto market is currently in great shape.

Bitcoin (BTC), the largest cryptocurrency, has risen more than 2% in the past 24 hours.

However, the altcoin rally appears to be much stronger. Ethereum (ETH), BNB (BNB), Solana (SOL), and Avalanche (AVAX) also rose over 4% in the past 24 hours.

Bitcoin’s dominance is currently on the verge of dropping below the 50% level.

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Alex Dovnya

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