Shiba Inu Hops By 45% In A Week – What Could Have Pushed SHIB Up?

Shiba Inu (SHIB) may not have been taken seriously as a crypto asset when it was first introduced, but the meme coin has steadily climbed the cryptocurrency rankings. The newest signals of relief in the crypto markets following a protracted volatility may come as a surprise to many, but the most intriguing aspect of this rebound is that meme tokens have emerged as the largest gainers. In the previous week or two, the majority of other coins have been bleeding from losses or barely able to stay afloat because of the ongoing crypto winter. Suggested Reading | ApeCoin Climbs 22% After Snoop Dogg-Eminem Bored Ape Video Launch Shiba Inu Continues To Defy The Trend However, Shiba Inu has been able to defy the odds and increase by 45 percent over the past week. Wednesday’s Coingecko stats show that SHIB is currently trading at $0.00000975, down 9.5% from the last 24 hours. Despite the profit-taking on Monday, the coin remained trading at the monthly highs near $0.00001196 on Tuesday. Nonetheless, it remains 85 percent below its all-time high of $0.00008, which was reached in October of last year. The dog-themed token briefly surpassed Tron as the 13th biggest cryptocurrency by market valuation. Even Bitcoin and Ethereum’s seven-day gains of 2% and 8%, respectively, were eclipsed by this rally. According to Yunometa’s founder, Arijit Mukherjee: “Shiba Inu appears to be benefiting from hints of bottom fishi...