Shiba Inu Leads the Pack as Crypto Market Recovers

Shiba Inu Leads the Pack

Shiba Inu-related tokens have gained about 26% in the past day, with SHIB up 24% in the past 24 hours at $0.000029 during the Asian hours amid a bullish sentiment.

SHIB tested the $0.000029 resistance level before retracing slightly. The rally has caused about 10 million losses in the liquidation of SHIB-tracked futures contracts.

Investors lost $4.31 million in the past day in Binance’s futures contracts having 1,000 SHIB per contract.

The traders are also down by $5.49 million in SHIB futures, with an estimated 74% having predicted a drop.

Floki Inu’s token FLOKI also jumped 17% to $0.00004 during the same period, coming after its cross-chain bridge was disabled due to suspected security weakness.  

Bitcoin is also up, trading around $42,000, while Ethereum is above $3,000. Dogecoin, another meme token, has rallied to $0.169 from $0.145.

XRP leads the gains among the top ten digital assets at 9.9%  in the past day, while LUNA is up 1.6% in the same period.

The strong gains in Shiba Inu are also attributed to its partnership with Welly’s, where users can now purchase items using SHIB tokens in the fast-food chain’s stores. The deal also includes rebranding the stores with Shiba Inu images.

Source: Coindesk

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