Shiba Inu Price Up 7%, Outperforming Other Top Coins


Alex Dovbnya

Shiba Inu, Terra and Ethereum Classic are among the best performing cryptocurrencies in the last 24 hours

The Shiba Inu cryptocurrency is up nearly 8% in the last 24 hours, outperforming other top cryptocurrencies.

Image by coinmarketcap.com

The dog cryptocurrency added 20% this week. While these gains are certainly nothing to write home about for meme coin enthusiasts, they still help the cryptocurrency stand out from other major altcoins amid anemic price action.

It should be noted that the SHIB token is still 72.37% lower than the record high recorded on October 28.

Despite the ongoing bearish trend, the cryptocurrency continues to see merchant adoption, with AMC Theatres, the number one movie chain in the world, adding support for Shiba Inu and Dogecoin, the original cryptocurrency for dogs, last week.

Earlier this week, Middle East cryptocurrency trading platform Rain announced that it plans to add the SHIB token to its array of available cryptocurrencies.

While Shiba Inu’s outperformance is certainly notable, Ethereum Classic (ETC), a controversial hard fork of Ethereum created in the wake of the 2016 DAO hack, has stolen the spotlight. The cryptocurrency is up more than 20% in 24 hours, surpassing every token in the CoinMarketCap top 100. It is unclear what caused the most recent price drop.

Terra (LUNA) is up 7% over the same period. The price of Cardano (ADA) is up a modest 3% in the past 24 hours. Ethereum, XRP, Avalanche, Dogecoin, and Solana are flat at the time of writing.

Bitcoin, the largest cryptocurrency, is in the red, expanding its dull streak of sideways trading. The top coin is currently just below $42,000.

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