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Why Is Shiba Inu Bucking The Trend, Outperforming Bitcoin, Dogecoin Today?

SHIBA INU (CRYPTO: SHIB) rose over 3% in the early hours of even as major cryptocurrencies like Bitcoin (CRYPTO: BTC), Ethereum (CRYPTO: ETH) and Dogecoin (CRYPTO: DOGE) declined.

What’s Moving? SHIB rose 5.19% to $0.000009 over 24 hours at press time. Over a seven-day period, SHIB has soared 16.96%. 

The self-described Dogecoin-killer moved 6.8% higher against BTC and was up 7.41% against ETH. In the last 30-day period SHIB rose 30.65%.

Meanwhile, DOGE traded 2.73% lower at $0.35 over 24 hours.

See Also: How To Buy Shiba Inu (SHIB)

Why Is It Moving? There’s no immediate news or update to explain Shiba Inu’s surge but it comes amid high social media interest.

SHIB was among the top trending coins on Twitter Inc’s (NYSE:TWTR) platform at press time, as per data from Cointrendz. The meme cryptocurrency was also the top trending cryptocurrency on Stocktwits at press time.

The coin’s growth comes despite the latest rally in major cryptocurrencies taking a breather in the late hours of Monday.

Benzinga’s Tyler Bundy noted that the $0.00001 level has acted as resistance for SHIB, noting that the cryptocurrency has entered overbought territory and could shoot higher should the momentum continue.

Read Next: DeFi Play Solana Keeps Hitting Fresh All-Time Highs: Is There Still Time To Buy In?

 

© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights
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Source: Why Is Shiba Inu Bucking The Trend, Outperforming Bitcoin, Dogecoin Today?

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