Shiba Inu’s SHIB Leads Meme Coin’s Gains

SHIB and DOGE emerge as market leaders for meme-based coins

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Shiba Inu (SHIB) is one of the top gainers in the crypto market on Monday. At the time of this writing, SHIB is trending at $0.00003451 (up 47.24%)

The increase came in as a result of wide recovery in the crypto market as Bitcoin and Ethereum managed to see significant gains up to $42000 and $3000 respectively.

The fluctuation caused nearly $10M in losses to traders due to liquidation of SHIB-based products.Market shows a total loss of $4.31M in the past 24 hours. Traders also faced heavy losses of approximately $5.49M in SHIB futures.

Why did SHIB go up?

Shiba Inu’s instant weekend surge can be attributed to a collaboration with Welly’s — a fast food chain for burgers and fries.

The company aims to showcase its products with Shiba inu themes and graphics and issue non-fungible tokens (NFTs) for its customers, said SHIB developers.

Meme coins are booming as he markets are recovering from a downtrend and SHIB has made it to #10 in top 10 popular tokens, shows Coinbase. Dogecoin (DOGE) is also flexing at $0.17 (up 13.30% from yesterday).

Both tokens are showing a strong holding power by the buyers and the rising crypto market may show some increase in the purchase of the two meme coins.