Shiba Inu Outperforms Bitcoin, Ethereum, Dogecoin With Vitalik Buterin Push, But These Coins Are Really Charging Ahead
Self-described "Dogecoin (DOGE) killer" SHIBA INU (SHIB) outperformed Bitcoin (BTC) and Ethereum (ETH) on a 24-hour basis, but these are the real show-stealers.
What Happened: SHIB traded 3.6% higher at $0.000016 at press time in a 24-hour-trailing period buoyed by Ethereum co-founder Vitalik Buterin’s token burn.
See Also: How to Buy Shiba Inu (SHIB)
Meanwhile, the apex cryptocurrency, BTC, traded 1.51% lower at $44,505.30, while ETH traded 1.61% lower at $3,364.09 in the same time frame. DOGE traded 0.66% higher at $0.49.
Some cryptocurrencies on the upswing in a 24-hour period leading up to press time included Celo (CELO), which traded 30.29% higher, AAVE (AAVE) which was up 18.65% at $605.05, and Kusama (KSM) which shot up 16.14% to $600.47.
XRP (XRP) was among the gainers as well as it traded 8.8% higher at $1.52 at press time.
Why It Matters: Celo is on an upwards trajectory ahead of the activation of its Donut Hardfork on Wednesday. The hard fork is more akin to a network upgrade than a contentious split in the community, as per the Celo blog.
Binance said that it will support the network upgrade and hard fork, as per a statement issued last week.
Celo is a mobile-oriented platform for Decentralized Finance or DeFi. The DeFi segment has been resurgent of late with coins like AAVE benefitting from the popularity.
AAVE enjoys the second-highest total value locked or TVL at $10.86 billion behind Maker (MKR) which has a TVL of $12.37 billion. Total Value Locked in DeFi at press time was $75.18 billion, according to DeFi Pulse data.
KSM touched an all-time high of $614.64 on May 15 and traded 1.77% below that level at press time. The platform is oriented towards providing an interoperable and scalable framework for developers in a similar fashion to its cousin Polkadot (DOT).
The two coins’ creator Gavin Wood, also a co-founder of Ethereum, said in a blog post on Monday that Polkadot’s parachains launch will be preceded by “two things.”
One, a full external audit to be completed on all new logic, and second, Kusama’s canary successfully demonstrating that the new logic “works in the wild by executing at least one successful auction involving crowdloans and hosting at least one functional parachain.”
DOT traded 0.41% higher at $40.47 at press time in a 24-hour period. The coin has spiked 10.58% in a seven-day trailing period, while KSM has shot up 47.13% in the same period.
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