Shiba Inu Is Up 22% As Crypto Market Recovers

Shiba Inu was a top gainer on Monday as the broader cryptocurrency market rebounded. The meme coin has gained 22.2% during the past 24 hours, according to data from CoinGecko.

SHIB gains come as Bitcoin and Ethereum shift into bullish territory. The two largest cryptocurrencies surged to $42,000 and $3100 respectively during the early morning hours in Asia.

SHIB Leads Meme Coin Gains

Shiba Inu rose from $0.000027 on Sunday evening to $0.00002930 during the morning in Tokyo, a city that is home to the largest real shiba inu population in the world. This represents a gain of over 22% in the last 24-hours. Note that other meme coins have not registered a similar performance: Dogecoin has jumped by 5.7% from $0.145 to $0.156 at the time of writing; FLOKI has surged by 18% from $0.0000398 to $0.0000491.

Shiba Inu has since dropped slightly to $0.00002780 at the time of writing. A sell-off was recorded after SHIB hit the $0.000029 resistance level.

Following this uptrend, traders dealing in SHIB-tracked futures products lost almost $10 million. Data from Binance shows that traders of the 1000SHIB futures product lost around $4.31 million. This product holds 1000 SHIB tokens per contract. Nearly three-quarters SHIB futures were betting on a downtrend.

The SHIB price movement comes amid broader market recovery. Ripple’s XRP carries the largest gains among the top-ten coins with a 14.18% uptrend in 24 hours. Solana’s gains stand at 2.07%, while Cardano has rallied by 4.40%. Binance Coin, LUNA, and Polkadot have rallied by 2.10%, 3.69% and 3.60%, respectively.

SHIB Partners with an Italian Restaurant

The SHIB gains coincide with the latest partnership deal between Shiba Inu and an Italian restaurant. Last week, Shiba Inu developer, Shytoshi Kusama, announced a collaboration between the meme coin and Welly’s, an Italian fast-food brand.

This deal marked the first foray of the meme coin into the business world. The restaurant has been branded with the Shiba Inu logo, and it will accept payments in the meme coin. According to the developer, SHIB chose to work with this restaurant because it shares similar values with the SHIB community. Welly’s currently has one location, but it plans to expand to more locations in the future, which could boost SHIB’s brand and market capitalization.

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