The sharp market drop experienced during the first days of the week has hit all altcoins, but Shiba Inu is recovering better than others.
The cryptocurrency market has turned red, with the LUNA falls below the dollarHowever, after the general collapse that has been experienced during the first two days of the week, with most cryptocurrencies suffering losses of more than 10%, the market seems to have recovered a little throughout today.
In the midst of this grim landscape, there are two currencies that seem to stand out from the rest: Dogecoin and Shiba InuIn the constant “battle” between the two memecoins, this time it seems that SHIB has emerged stronger.
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Shiba Inu is up around 5% in the last 24 hours, according to data from CoinMarketCap, with a price of around $0,00001399. Dogecoin, meanwhile, is up less than 1%, trading in the $0,09136 range.
Unlike the recoveries we have seen in other situations, when it has been tweets from celebrities like Elon Musk or the developers of the network that have driven the price recovery, this time there is no obvious signal. In short, There is nothing on the 24 hour chart to show the reason for this sudden rise.
It is possible that Shiba Inu's quick recovery against its rival Dogecoin is simply due to the latter having a steeper fall. If this were the problem, the rebound would also be greater. We must bear in mind that meme tokens are extremely volatile and, therefore, can swing wildly in either direction, even when talking about fractions of a cent.
However, Shiba Inu is one of the most resilient meme coins, able to withstand some of the harshest losses in recent times. Shiba Inu is down 21% in the past week and 33% in the past monthIf we compare it with Dogecoin, the difference is notable, as DOGE has lost 16% of its value in the last week and 23% in the last 30 days.
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In any case, the two meme coins have lost a large part of their value since reaching their respective highs in March 2021. In the case of Shiba Inu has lost 81% of its value since its peak in October, while Dogecoin has plummeted 85% since its May 2021 ATH.
On the other hand, it is not only meme coins that have lost part of their value. Bitcoin and Ethereum have lost 55% and 52% of their value respectively since their all-time highs set in November 2021.
In this difficult climate for cryptocurrencies in general, Shiba Inu fell yesterday to a seven-month low, while Dogecoin is at its lowest level since April 2021.
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