Shiba Inu price soars 20% Following Yesterday's Crash

After a serious dip late last week and into the weekend that drove Bitcoin price to as low as $34,000 on Saturday morning, the cryptocurrency has stabilized since then and regained some ground, currently on the $35,800, but without much bullish conviction.

Ethereum, the second largest cryptocurrency in the market, has rallied slightly more since yesterday, just above $2500 at the time of writing this article, after bottoming out at $2310 on Saturday.

Shiba Inu soars 20%

However, while BTC and ETH remain down and out, other cryptocurrencies have posted much larger rallies since yesterday’s dip.

Cardano, the 6th largest crypto, has indeed taken off by almost 9% since yesterday. Terra (LUNA), in 9th place in the ranking, gains almost 12%, while Dogecoin (top 10) gains 8%.

But the cryptocurrency showing the strongest rebound in the top 20 is the Shiba Inu, which gained 20% over the last 24 hours.

It is expected that Bitcoin can further dip to $30K range leading others as well. But given it’s history of ups and downs, nothing can be said for sure.

The year 2021 has seen the rise of meme-coins like Dogecoin and Shiba Inu. The latter was launched to complement the Dogecoin. The capitalization of SHIB is growing more and more and could exceed that of DOGE in the coming months. The current market capitalization of Shiba Inu is over $12 Billion.

Shiba Inu enjoys massive fan following and support on the social media channels such as Twitter. Thousands of Tweets are made everyday with the Shiba Inu hashtags.

But is it the time to invest in Shiba Inu? we don’t know. But it’s going through exciting times.

How does Shiba Inu work?

SHIBA is an ERC-20 token based on Ethereum blockchain. Shiba Inu can therefore use smart contracts to launch decentralized financial products since it operates on the Ethereum network. The project has also launched a decentralized exchange platform (DEX) – the ShibaSwap.

The Shiba Inu intends to go further than the Dogecoin by embarking on DeFi. The project also plans to launch NFTs in the future.

Credits: Investing.com

Original link: Your go to Crypto place