Shiba Inu SHIB/USD topped intra-day gains on Wednesday, rising 5% and beating top meme coins by market capitalization such as Dogecoin DOGE/USD and Dogelon Mars ELON/USD.
What Happened: SHIB’s rally can be attributed to two major catalysts – an overall crypto market in the green with Bitcoin BTC/USD breaching the $18,000 level, and Ethereum ETH/USD touching the $1,400 mark.
The second reason is SHIB’s recent collaboration with the Bugatti Group luxury brand, which specializes in the manufacture, marketing and selling of baggage, purses, attaché cases and accessories.
See More: Best Crypto Day Trading Strategies
The second top meme-coin gainer, as per CoinMarketCap is DOGE, the largest meme coin by market capitalization, surging 4.77%, trading at $0.08, but yet to reach the $0.10 mark.
Dogelon Mars was third on the list, gaining 3.58% in the last 24 hours.
Price Action: ETH was trading at $1,398, up 5.11% in the last 24 hours, according to Benzinga Pro.
Read Next: FTX Says It Has Recovered Over $5B But Extent Of Customer Losses Unknown