Shiba Inu has been putting up quite a show this week as it dethrones several top cryptocurrencies in terms of performance. According to the data from CoinMarketCap, Shiba Inu bagged the third position in the category of the top gainers over the last 7 days.
The first position was held by Chiliz with a 40.39% gain, followed by Celsius, which displayed a 30.78% gain, and the memecoin Shiba Inu bagged the third place with a 17.1% gain over the last 7 days.
But Chiliz and SHIB are currently trading in red, while the token of the troubled crypto lending platform Celsius is currently trading in the green with a 10% gain in the last 24 hours. DOGE is not far behind as it bagged the fourth rank with a 12.1% gain over the last 7 days.
Shiba Inu is currently trading in the red at $0.00001465 with a 4.6% price drop in the last 24 hours. In terms of sheer performance, SHIB displayed 18.2%, 23.5%, and 22.1% over the last 7, 14, and 30 days, respectively.
Shiba Inu had a phenomenal week
Shiba Inu enjoyed an incredible week when its price increased by 35% on Monday. SHIB has increased by about 56% over the past week, providing investors with respectable gains.
The dog-themed cryptocurrency exhibited strong feelings as investors poured money throughout its complete ecosystem of tokens. Leash, an ecosystem token, rose 54% in value in just 30 days, while Bone soared higher and doubled in value.
Even though the memecoin frenzy began with DOGE, Shiba Inu seems to be putting up a great fight to dethrone the king of memecoin. DOGE is currently ranked in the tenth position in the global cryptocurrency market by market cap, while SHIB is just behind in the twelfth rank.
But in terms of sheer development, SHIB has been bringing a better show to the table. But only time will tell whether SHIB will dethrone DOGE in the long run.
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