Ethereum Trades Near $4K as Shiba Inu (SHIB) Gains 1,100% in 48 Hours
The crypto maket’s rally continues in the weekend with Ether (ETH), meme coin Doge (DOGE) and Shibu Inu (SHIB) recording all-time peak in the last 24 hours.
Most of the underlying momentum behind Dogecoin’s uptrend can be ascribed to the forthcoming presence of Elon Musk, the founder and CEO of Tesla, on the well-known Saturday Night Live comedy show.
Ether (ETH), the native crypto of Ethereum blockchain, on the contrary, is nearing $4,000 as buying interest of institutions have been on a rise and the forthcoming London hardfork have created an ultra-bullish view.
Data published by CoinGecko.com indicates that Ether, after dropping to $3,418 in the final hours on May 8, bounced back to gain 12.5% and reach a fresh all-time peak of $3,966.61. While a section of traders and investors were surprised about the bullish move, many analysts and seasoned traders had predicted a level of $5,000 for the number one altcoin.
Bitcoin (BTC) has utilized the time it was away from spotlight to silently inch forward to around $59,000. At the time of writing this article, Bitcoin was trading at $58,498.08, up 1.3% from prior close. Dogegoin (DOGE) has successfully grabbed mainstream market’s attention, outsmarting big names such as Bitcoin and Ether, as the meme token continues to draw thousands of new crypto investors.
The 25% rally in Doge on Saturday was an outcome of a week-long build-up of buying pressure that caused its value to appreciate to a fresh all-time peak of $0.74 before profit-booking pushed the price to below $0.68 level.
The media attention received by Dogecoin has paved way for the creation of multiple canine-themed ventures, including Shiba In (SHIB), which entered the fray after a two-day uptrend that resulted in an appreciation of 1,100% to a fresh all-time peak of $0.0000178.
While the aggregate crypto market cap currently stands at $2.463 trillion, Bitcoin’s market dominance rate is 44.8%.