Shiba Inu (SHIB), a popular cryptocurrency with a dog theme, has secured the second spot on Robinhood’s list of the top 10 cryptocurrencies that experienced the most significant gains in the past week.
According to the data, Shiba Inu came in second place after its price surged by 6.7% over the week. Uniswap (UNI) took the top spot with a price spike of 14.6%.
Despite this, Shiba Inu outperformed other well-known cryptocurrencies listed on Robinhood, including Aave (AAVE), Chainlink (LINK), Ethereum (ETH), and Bitcoin (BTC).
AAVE, LINK, and ETH made it to the top five after experiencing respective surges of 5%, 2.9%, and 2.5% in the past week. Bitcoin came in sixth place in Robinhood’s ranking of top gainers.
Bitcoin, the largest cryptocurrency by market cap, saw a 1% gain for the week, while Compound (COMP) took seventh place with a 0.7% price increase.
Even though Tezos (XTZ), Litecoin (LTC), and Dogecoin (DOGE) ended the week with negative price changes of -0.6%, -1.3%, and -2.5%, respectively, they still appeared in the top 10 ranking.
In terms of Shiba Inu’s price action, its ascent to the second position on Robinhood’s weekly top gainers’ list might surprise many market participants.
At the beginning of the week, SHIB was trading below $0.000025. The price of the token fluctuated between $0.000025 and $0.000027 for most of the week.
However, on May 29, Shiba Inu experienced a significant surge, reaching nearly $0.00003 and securing a spot among the top 10 cryptocurrencies by market capitalization. This rally was attributed to several factors, including boxer Manny Pacquiao endorsing SHIB.
Unfortunately, SHIB lost almost all of its gains from May 29 due to the recent market downturn. Currently priced at $0.00002524, SHIB has seen a 2.74% increase in the weekly charts and a 16.4% increase in the past month.
Disclaimer: This article provides information and should not be considered financial advice. The opinions expressed are the author’s own and do not reflect the views of The Crypto Basic. Readers are encouraged to conduct thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.