Shiba Inu (SHIB) has suddenly surged 9%, according to data provided by CoinMarketCap, and is currently outperforming almost all top 100 cryptocurrencies.
Only Oasis Network (ROSE), Kadena (KDA) managed to see bigger gains in the last 24 hours, with both coins posting double-digit gains.
Shiba Inu is now poised to surpass Avalanche (AVAX) and reclaim 12th place. The gap between the two cryptocurrencies is currently less than a billion dollars.
Bitcoin (BTC) has also once again regained the $50,000 level. The largest cryptocurrency has gained 3% in the last 24 hours. Bitcoin briefly tested $50,000 after the US inflation news on Friday, but the bulls were unable to hold on to the gains.
Cardano (ADA) and Polkadot (DOT) are among the top 10 performers. Both gained about 5%.
Ethereum (ETH) continues its sideways movement after gaining ground against Bitcoin earlier this week.
Another meme coin, Dogecoin, is also up just 2.24% and is struggling to regain momentum. The cryptocurrency is now 76.64% behind its May peak.
Shiba Inu also needs to recover 56.75% to regain its previous peak. The Ethereum-based dog-themed token remains on the agenda despite the price correction. Earlier this week, two leading cryptocurrency payment companies Flexa and BitPay announced their support for Shiba Inu. SHIB also continues to see more exchange listings.
Terra (LUNA) is the biggest loser in the top 10, down nearly 0.22% in the last 24 hours. LUNA’s rally, which caught the attention of the investment community earlier this month, was short-lived.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.