This comes as crypto market faces fresh selling pressure amid growing recession fears
According to CoinMarketCap, the price of Shiba Inu (SHIB) is up nearly 29.32% since last week, outpacing the rest of the top 20 cryptocurrencies by market capitalization in weekly gains. However, Uniswap tops the overall chart with a weekly gain of 36.72%.
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 The AMM protocol is up 11.21% in the last 24 hours. As shared on its Twitter account, Uniswap has decided to acquire Genie, an NFT market aggregator, 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.
Cryptocurrency Market Action
Bitcoin traded around the $20,000 level again, moving alongside weaker stocks amid growing concerns over 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.
For several months, cryptocurrencies have followed the same trend as equities, and Wednesday’s changes were no different as investor interest in risky assets waned on growing concerns about an economic slowdown. Similar to its behavior for much of May through September of the previous year, Shiba Inu appears to be consolidating around the $0.000008 to $0.000012 range.
