Shiba Inu's SHIB Rockets 26%, Leads Memecoin Gains

Several dog-themed tokens were the top gainers on Monday amid a recovery in the broader crypto market.

Shiba Inu-themed tokens were the top gainers during early Asian hours on Monday acquiring as much as 26% in the beyond 24 hours, information from analytics tool CoinGecko showed.

The move came amid a more extensive recovery in the crypto market as bitcoin and ether recaptured the $42,000 and $3,000 value levels separately. Gains on the best ten digital currencies by market capitalization went from a low of 1.6% on Terra's LUNA to highs of 9.9% on XRP.

Memecoins drove market moves outside of the best ten digital currencies. Shiba Inu's SHIB tokens flooded to $0.000029 during Asian hours from the $0.000022 level on Sunday evening, a flood of more than 24%, while Dogecoin's DOGE leaped to $0.169 from $0.145.

The price chart showed SHIB hit obstruction at the $0.000029 level, causing a sell-off during the Asian morning hours that brought the Price lower.

The Price movement caused almost $10 million in Losses to liquidations for traders of SHIB-followed Future products. In the past 24 hours, traders lost $4.31 million to Binance's 1000SHIB futures product, which holds 1,000 SHIB per contract. Traders Also lost $5.49 million in SHIB futures. More than 74% of SHIB futures were short, or betting against a price rally.

SHIB's weekend flood came days after designers divulged a restrict with Welly's, a Fast food chain selling hamburgers and French fries. The Partnership Involves rebranding Welly's stores to include Shiba Inu-themed products and imagery, and the issuance of non-fungible tokens (NFTs) for clients, developers said. Community members can buy Products using SHIB and Participant in Welly's development through Shiba Inu's decentralized administration Governance forums 'Doggy DAO.'

Somewhere else, the Price of Floki Inu's FLOKI - another Shiba Inu-themed token - bumped 17% to Exchange hands at $0.00004 in Asian hours, recovering some of the losses from last week after developers disabled its cross-chain bridge after discovering an exploit. The bridge allows users to move assets between the Ethereum and Binance Smart Chain organizations. No FLOKI was impacted in the attack, developers confirmed at the time.