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Shiba Inu Is Rebounding Faster Than Dogecoin After Crypto Crash

Both coins fell hard on Monday along with the wider market, but SHIB is fetching speeder returns than its meme rival.

2 min read
Some of the more popular meme coins are all related to dogs. Image: Shutterstock

In brief

  • Shiba Inu is up about 6% over the past 24 hours following Monday’s wider crypto market declines.
  • Rival meme crypto Dogecoin hasn’t seen as much of a bounceback, up less than 1% as of this writing.

The cryptocurrency market is showing a little bit of life today after yesterday’s drastic collapse, during which many of the top coins had shed 10% or more of their value. Overall, the market is up a couple percentage points today—and when it comes to meme coins and tokens, Shiba Inu is rising at a higher clip than its chief rival, Dogecoin.

Shiba Inu (SHIB) is up about 5% over the last 24 hours, as of this writing, per data from CoinMarketCap, and currently sits at a price of $0.00001615. Dogecoin (DOGE), on the other hand, is up less than 1% at a current price of $0.109833.

What’s triggering SHIB’s speedier recapture of value? There’s no obvious sign this time around—no tweet or announcement from the creators or a major influencer, nor does the 24-hour chart show any sudden pops.

It’s possible that Shiba Inu simply fell harder yesterday amid the wider market carnage, and then has bounced back up a bit harder as a result. Meme coins and tokens are famously volatile and can swing wildly in value in either direction, even when it’s ultimately fractions of a penny.

Still, Shiba Inu has weathered the tougher losses of late. It’s down about 21% over the past week, and 33% over the past 30 days. Compare that to DOGE, which has shed about 16% of its value in the last week, and 23% during the last month.

Ultimately, both of the coins have lost a significant amount of their value since setting their respective peaks in 2021. Shiba Inu has dropped 81% in value since its October all-time high, while Dogecoin is down 85% since it peaked in May 2021 ahead of the wider market crash.

Compare that to the leading cryptocurrencies, Bitcoin and Ethereum, which are down 55% and 52% respectively from their all-time highs, both set last November.

Shiba Inu hit a seven-month low yesterday amid the overall crypto market chaos, while Dogecoin is down to its lowest point in more than a year—since April 2021.

Disclaimer

The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.

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