The support from Musk has allowed Dogecoin and Shiba Inu to deliver the best performance of the week. The DeFi-related tokens Uniswap and Avalanche are among the top of the fastest-growing cryptocurrencies in the market.
Some cryptocurrencies have taken advantage of the stabilization in the Bitcoin (BTC) price between USD 20,000 and USD 21,000. Two dog-inspired coins, Dogecoin (DOGE) and Shiba Inu (SHIB), have drawn attention after suffering a sharp drop. They started this week in the green with percentage gains of up to double digits.
DeFi-related tokens like Polygon (MATIC) and Uniswap (UNI) have also performed outstandingly, although this has not been the best year for them.
The value of some cryptocurrencies has increased by double-digit percentages, but Bitcoin has been an exception this week. A price around USD 20,800 indicates the cryptocurrency has recovered 2.14% of its value over the last seven days.
While there have been constant bearish and bullish predictions, the behavior of the market shows significant resistance to the price around USD 21,700.
Hovering above USD 1,000, Ether (ETH) has performed better, rallying more than 5% over the last week. That is how the two leading cryptocurrencies in the market have been behaving.
Support from Musk Helps Shiba Inu Come Back to Life
The owners of Shiba Inu are deliriously happy with Elon Musk supporting the meme coin. After dropping by more than 60% from its all-time high, the SHIB price has recovered by 39.57% over the last week.
The doggy cryptocurrency is trading at around USD 0.0000115, thus becoming the second-best performer over the past week. That happened just because of the Twitter remarks from the wealthiest man on earth.
Elon Musk has repeatedly supported the meme coins of the crypto market, especially Dogecoin and Shiba Inu. The tycoon faces a lawsuit from a private investor for allegedly manipulating the demand for those cryptocurrencies and recommending buying them.
Defending himself against those accusations, he stated he had never given investment advice and would not stop supporting those projects. He also expressed his commitment to the community of those coins, saying he would continue helping them until further notice.
The statements by Musk have benefited SHIB, whose market capitalization exceeds USD 6 billion, occupying 14th place in the cryptocurrency ranking. Concerning its market capitalization, there have been more than USD 600 million in global transactions over the last few hours.
Dogecoin Is Also among the Favored Doggie Coins
DOGE has also benefited from the statement of Musk as one of his favorite assets. The price of the meme coin has reached USD 0.077 per unit, with gains of 28% in a week.
That performance does not only place it as the fourth coin with the best gains over the past week. It also takes it out of the free fall where it had remained.
The estimated losses of Dogecoin by early June were at 93% from its all-time high. That percentage has infuriated some people and has caused many others to lose money.
The meme coin occupies 10th place in the cryptocurrency ranking as its market capitalization exceeds USD 9 billion. DOGE has reached more than USD 1 billion in transactions over the last few hours.
By Alexander Salazar
