Shiba Inu, Uniswap Top Weekly Gainers Among Top 20

Tomiwabold Olajide

This comes as crypto market faces fresh selling pressure amid growing recession fears

According to CoinMarketCap, the Shiba Inu (SHIB) price is up nearly 29.32% since last week, outperforming the rest of the top 20 largest cryptocurrencies by market capitalization in weekly gains. However, Uniswap leads overall with a 36.72% weekly gain.

Shiba Inu rallied nearly 45% on June 21 to reach highs of $0.000012. Shiba Inu had trimmed off daily gains at a trading price of $0.00001 at press time. However, it remains up on a seven-day basis. This comes as the crypto market faces fresh selling pressure amid growing recession fears.

Uniswap AMM protocol is up 11.21% in the last 24 hours. As shared on its Twitter handle, Uniswap has moved to acquire Genie, an NFT marketplace aggregator, thus expanding its products to include both ERC-20s and NFTs.

Starting this fall, users might be able to buy and sell NFTs directly on the Uniswap web app. The Uniswap protocol notes that this is not its first foray into NFTs. In spring 2019, it launched Unisocks, the first instance of NFT liquidity pools and NFTs backed by real-world assets.

Ads

Cryptocurrency market action

Bitcoin traded once again around the $20,000 level, moving in tandem with weakening stocks amid mounting concerns about a global recession.

The biggest cryptocurrency is currently trading at $20,764, down 4.13%. Ether, the second largest cryptocurrency, fell by 5.62% to trade at $1,113 at the moment. At the time of publication, most cryptocurrencies, notably those in the top 100, are losing value.

Since several months ago, cryptocurrencies have been trending in the same way as stocks, and Wednesday’s changes were no different as investor interest in risky assets waned due to rising concerns about an economic slowdown. Similar to its behavior during much of May to September of the previous year, Shiba Inu appears to be consolidating around the $0.000008-$0.000012 range.