Tuesday, December 6, 2022

Shiba Inu Recovers Faster Than Dogecoin After The Recent Crypto Crash

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Shiba Inu recovers faster than Dogecoin did after the recent crypto crash as both of them fell hard at the start of the week so let’s have a closer look at today’s latest altcoin news.

Shiba Inu recovers faster than DOGE and is up by 6% in the past 24 hours after Modany’s wider market decline. The rival meme coin DOGE hasn’t seen much price action and it only increased by 1% at the time of writing. The crypto market is showing a little bit of life today after the dramatic collapse a few days ago and mos coins shed up to 10% of their value. The market is up a few percentage points today and when it comes to the meme coins, Shiba inu is rising faster and higher than DOGE.

shib price
SHIB 24-hour Price Chart (Source: Coingecko)

Shiba Inu is up 5% over the past day as of the time of writing and as the data from CoinGEcko shows. DOGE on the other hand is up by 1% and trades at a price of $0.109833. But what is triggering the latest SHIB price action? There’s no obvious sign like a tweet or an announcement from the creators but it is possible that Shiba Inu simply fell harder amid the wider market crash and then bounced back harder as a result. The meme coins are volatile and can swing in value in either direction even when they are tradign at a fraction of a penny.

Shiba Inu weathered the tougher losses as of late and it is down by 21% over the past week and 33% over the past 30 days so comparing that to DOGE, it shed about 16% of the value in the past week and 23% in the past month. Both of the coins lost a huge chunk of value since setting their peak in 2021 but Shiba Inu dropped 81% in value since the October ATH while DOGE is down by 85% since the peak in May 2021 ahead of the wider market crash. Compare this to the leading cryptocurrencies like BTC and ETH which are down by 55% and 52% respectively from their highs in November.

doge price
DOGE 24-hour Price Chart (Source: Coingecko)

Shiba Inu hit a seven-month low a day ago during the market crash while DOGE is down to its lowest point in more than a year which is since April 2021.

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