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Shiba Inu Soars 18% as Bitcoin Reclaims $48,000

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Alex Dovbnya

Shiba Inu (SHIB) is leading the rest of the market once again, soaring more than 18%

The price of the Shiba Inu (SHIB) cryptocurrency has spiked by more than 18% over the past 24 hours, according to data provided by the crypto ranking website CoinMarketCap. It is trading at $0.00002904 on the Binance exchange at press time.  

CMC
Image by coinmarketcap.com

The joke cryptocurrency remains in 15th place by market capitalization, with its valuation increasing to $15.8 billion. It is close to surpassing TerraUSD (UST). The gap between the two cryptocurrencies has now shrunk to less than $500 million following the most recent price rally.

As reported by U.Today, the meme cryptocurrency, which made plenty of headlines last year due to its monstrous gains, recently became available on the 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, reclaiming its previous all-time high would still be an arduous task for Shiba Inu given that it is still down a staggering 66.41% from its record 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, topped $48,000 earlier today, turning positive for the year after a multi-month downtrend.

The price of Ethereum (ETH) is also about 7.5%, surging above the $3,400 level.

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

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