Shiba Inu (SHIB) and MATIC becomes the biggest crypto gainers, here’s why

By Prashant Jha
December 23, 2021 Updated December 23, 2021
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Shiba Inu (SHIB) and Matic aka Polygon were the biggest crypto gainers of the day where both the altcoins rose more than 20% over the past 24-hours for two very different reasons. While the whole crypto market traded in green after a week-long consolidation and trading in red but Matic and SHIB outshined most of the top cryptocurrencies.

Matic, the most popular ETH layer 2 solution at the moment rose to a new all-time high of $2.70 late yesterday. The altcoin has built a bullish momentum in the run-up to Uniswap’s decision to migrate onto the Polygon network. The migration was finally completed earlier today driving the price of MATIC as well as UNI to new highs. MATIC has seen a minor retrace from its ATH of $2.70 and currently trading at $2.60.

Source: TradingView

UNI the native token of top decentralized exchange Uniswap also registered a 12% spike in price and currently trading at $16.58 after retracing from the daily top of $17.06.

Shiba Inu (SHIB) surges to weekly highs

Shiba Inu (SHIB), the popular meme currency also saw a trend reversal or sort after losing $0.00003 key support earlier last week. The altcoin surged to a new weekly high of $0.000038 before retracing below $0.000036. The altcoin is currently trading at $0.0003544 with a 5% surge over the past 24-hours.

Source: TradingView

The latest price surge for the meme currency is being attributed to a number of reasons especially after a couple of new listings. The altcoin was recently listed by Coinjar, the longest-running crypto exchange in Australia that would also allow for payments in SHIB.

Apart from that, the on-chain metrics have turned green for the altcoin again as whales have started to accumulate more SHIB. A couple of days back one Ether whale bought nearly 4 trillion SHIB tokens during the dip. The development activity has surged on the network as SHIB ventures into play2earn (P2E) NFT gaming,

An engineering graduate, Prashant focuses on UK and Indian markets. As a crypto-journalist, his interests lie in blockchain technology adoption across emerging economies.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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