SHIBA INU (SHIBA) has gained ground over Dogecoin (DOGE) as cryptocurrencies recover from a dramatic crash over the last few days. Other dog-themed coins were also in the green at press time late Monday.
What Happened: SHIB traded 17.61% higher at $0.000009519 at press time. The so-called Dogecoin killer is up 12.78% against Bitcoin (BTC) and 2.38% against Ethereum (ETH) in the span of 24-hours.
See also: How to Buy Shiba Inu (SHIB)
Meanwhile, DOGE 10.71% higher at $0.34 at press time. The Shiba Inu-themed coin traded 3.91% higher against BTC but is down 5.68% against ETH in a 24-hour period.
Comparatively, BTC, the largest cryptocurrency by market capitalization, traded 6.58% higher at $37,929.57 over a 24-hour period leading up to press time. ETH traded 16.91% higher at $2,548.12 in the same time frame.
Other major dog-themed coins also saw spikes as the cryptocurrency market cap rose 13.81% over the last day.
On a 24-hour basis — Doge Killer (LEASH), a coin from the same stable as SHIB, was up 13.21% at $2,243.41 at press time. Dogelon Mars (ELON) traded higher by 11.19% at $0.0000002136, and Akita Inu (AKITA) shot up 22.79% at 0.000002794.
Why It Matters: Last month, several DOGE look-alikes thrived at the heralding of the alt season.
This trend continued until the markets crashed recently after Tesla Inc TSLA CEO Elon Musk said the automaker would stop accepting BTC for payments and due to ongoing regulatory developments in China.
See Also: Dave Portnoy-Backed Safemoon, Shiba Inu, Other High-Flying Altcoins Suffer Carnage In Crypto Selloff
The craze for meme-themed cryptocurrencies shed limelight on several coins with “dog” in their names like Kishu Inu (KISHU), UnderDog (DOG), and renDOGE (RENDOGE).
Some of these meme projects, including SHIB, donated trillions of tokens to Ethereum co-founder Vitalik Buterin in an effort to lower circulating coins.
Benzinga’s Take: While meme coins are back in the green, investors would do well to exercise caution — especially while exposing themselves to coins with high circulating supply and low market capitalization. Investors were given a warning by Musk earlier in the month when he said “people should not invest their life savings in cryptocurrency.” This is advice worth heeding.
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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