SHIB Soars 20% Amid Crypto Market Revival

The price of Shiba Inu (SHIB) has surged by an impressive 20% over the last day, according to data provided by CoinGecko.

The popular meme coin touched a daily high of $0.00002930 earlier today and is trading at $0.00002753 at press time, levels not seen since January 18.

Currently, SHIB is the world’s 14th-largest crypto asset with a market cap of $15.1 billion, with the latest run bringing its total gains to 30% in the past seven days.

Shiba Inu has also seen a significant increase in trading volume—with over $2.5 billion in trades over the past 24 hours, it is now the sixth most traded cryptocurrency behind Tether (USDT), Bitcoin, Ethereum, Binance USD, and XRP.

However, there’s still a long way for SHIB to return to its all-time high of $0.00008616 that was recorded at the end of October last year. The coin is 68.2% away from historical levels and is still down 3.8% over the last month.

Several other meme-themed cryptocurrencies are on the rise as well, with the likes of Floki Inu and Floki One jumping by 17.4% and 8.7%, respectively.

Dogecoin (DOGE), the original meme coin, is up 5.6% over the same period of time.

Ethereum Founder Vitalik Buterin Will Get Back $100M of Donated SHIB Funds

When the creators of popular meme token Shiba Inu (SHIB) sent half of the supply to Ethereum founder Vitalik Buterin in May 2021, he did something unexpected in turn: he donated about $1 billion worth to Indian COVID-19 relief fund, CryptoRelief, before “burning” the rest. However, now $100 million of the donated funds will be sent back to Buterin. Today, CryptoRelief founder Sandeep Nailwal—also co-founder of Ethereum sidechain scaling solution Polygon—announced that the funds will be returned...

Crypto markets rebound

The crypto market is largely in the green over the day, with Bitcoin approaching the $43,000 mark last seen on January 20, and Ethereum reclaiming the $3,000 level.

At the time of writing, the benchmark cryptocurrency is up 1.9% in the last day, changing hands at $42,522; Ethereum is up 1.6%, trading at $3.076.

BTC

+1.46%$85,190.92

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BTC price

Among other ten largest cryptocurrencies, XRP gained 12.9% in the past 24 hours, Cardano (ADA) spiked by 4.5%, while Terra and Polkadot (DOT) are up 3.1% and 2.7%, respectively.

The combined market cap of all cryptocurrencies has crawled back above $2 trillion on Monday, with Bitcoin dominating almost 40% of the market.