The price of Shiba Inu (SHIB) has skyrocketed more than 18% in the past 24 hours. It is being traded at $0.00002732.
SHIB/USD 4-hour chart | Source: TradingView
Shiba Inu soars 18% as Bitcoin reclaims $48,000
SHIB remains in 15th place by market capitalization, with its valuation rising to $15.8 billion. It is close to surpassing TerraUSD (UST). The gap between the two cryptocurrencies has narrowed to less than $500 million after the most recent bull run.
The SHIB, which gained much attention last year due to its massive gains, has recently become available on the Canadian crypto brokerage app Netcoins. Last week, many merchants started accepting SHIB and Doge Killer (LEASH) in partnership with crypto payment gateway NOWPayments.
Despite the recent rally, retrieving the previous all-time high will still be an arduous task for the Shiba Inu as it is still down a staggering 66.41% from its record high of 0.00008616 USD.
Competitor Dogecoin (DOGE) is also up 8% today, in line with the broader crypto market. Bitcoin (BTC), the world’s largest cryptocurrency, peaked at $48,000 earlier today, turning positive for the year following a multi-month downtrend, as AZCoin News reported.
Ethereum (ETH) price is also up around 7.5%, rising above the $3,400 level. By market capitalization, Terra (LUNA) and Avalanche (AVAX) are the top performers among the top 10 cryptocurrencies. The two “Ethereum killers” are slightly outpacing Solana in daily performance. OG cryptocurrencies like Waves (WAVE) and EOS (EOS) have also posted double-digit gains, outpacing the top altcoins. The total value of the entire cryptocurrency market is $2.1 trillion.