Shiba Inu and Dogecoin among beneficiaries of current crypto market recovery
Following the global relief in the cryptocurrency market, altcoins like Shiba Inu and Dogecoin have faced a sharp price increase over the past six hours, driving up 6% and 3%, respectively.
Shiba Inu gains traction
Following the global recovery, Shiba Inu becomes one of the leading altcoins on the market with its unexpected 6% growth that puts the dog-themed cryptocurrency back at the top of the crypto market.
Previously, SHIB led the recovery rally with a price increase of nearly 70% in the space of three days. Unfortunately, the rally was unsuccessful and the market faced a quick reversal below $0.000029. At press time, Shiba Inu is trading 64% below its all-time high and needs to add at least 180% to its current value to break the current record.
Compared to October, Shiba Inu gained a strong fundamental background with numerous projects and use cases related to Shiba Inu being released from December to January, including a themed Shibarium Metaverse and the opening of the fast food chain. The token is also going through constant burning events.
Dogecoin follows
The Shiba Inu counterpart has also caught the rallying market’s attention and has gained more than 3% in value in recent hours. Unfortunately for its investors, Dogecoin’s market performance was far from satisfactory as the coin traded within the range for the past two months, just after losing 56% of its value from the local high.
At press time, DOGE trades at $0.15 after losing 13% in the last week. Since the beginning of 2022, Dogecoin has lost 13% while gaining at least 7% since the beginning of the month.
