Shiba Inu coin rises 52% in a week, leading cryptocurrency rebound

February 9, 2022 World Blockchain

Shiba Inu coins are leading crypto’s recovery this week after a tumultuous January that saw digital currencies lose $1 trillion in valuation in seven days.

Shiba Inu — named after a breed of cute, furry, Japanese hunting dogs — on Tuesday soared 12%, giving it a one-week surge that topped 52%, while bitcoin and ethereum gained 13% and 17%, respectively, during the same period.

Bitcoin was trading at $43,278.60 per coin as of Tuesday morning while ethereum was at $3,092.01 per coin.

Known as “shib” to a growing army of retail investors, Shiba Inu coins are worth a fraction of a cent. Its website calls it “a decentralized meme token that has evolved into a vibrant ecosystem.”

SHIB, which is derived from ethereum, took a beating in recent months, losing 75% of its price after hitting an all-time high of $0.00008616 per coin in October.

As of Tuesday, SHIB, which has a market capitalization of $17.9 billion, was trading at $0.0003277 per coin. It is the 13th-most valuable cryptocurrency on the market.