Shiba Inu Outperforms Dogecoin, Other Dog-Themed Coins See Resurgence Too As Crypto Market Recovers

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.

Read Next: Ethereum Co-Founder Vitalik Buterin Says Shiba Inu Charity Hasn't Gotten Him A Tax Write-Off

Posted In: Akita InuBitcoinDoge KillerdogecoinDogelonDogelon MarsEthereumMeme CoinsrenDogeShiba InuUnderDogCryptocurrencyNewsMarketsMoversTrading Ideas

Ad Disclosure: The rate information is obtained by Bankrate from the listed institutions. Bankrate cannot guaranty the accuracy or availability of any rates shown above. Institutions may have different rates on their own websites than those posted on Bankrate.com. The listings that appear on this page are from companies from which this website receives compensation, which may impact how, where, and in what order products appear. This table does not include all companies or all available products.

All rates are subject to change without notice and may vary depending on location. These quotes are from banks, thrifts, and credit unions, some of whom have paid for a link to their own Web site where you can find additional information. Those with a paid link are our Advertisers. Those without a paid link are listings we obtain to improve the consumer shopping experience and are not Advertisers. To receive the Bankrate.com rate from an Advertiser, please identify yourself as a Bankrate customer. Bank and thrift deposits are insured by the Federal Deposit Insurance Corp. Credit union deposits are insured by the National Credit Union Administration.

Consumer Satisfaction: Bankrate attempts to verify the accuracy and availability of its Advertisers' terms through its quality assurance process and requires Advertisers to agree to our Terms and Conditions and to adhere to our Quality Control Program. If you believe that you have received an inaccurate quote or are otherwise not satisfied with the services provided to you by the institution you choose, please click here.

Rate collection and criteria: Click here for more information on rate collection and criteria.