Shiba Inu Surges 17% As Crypto Market Recovers On Memorial Day, Aave, Chainlink Among Top Gainers

The global cryptocurrency market rose 9.45% in terms of market capitalization to $1.68 trillion in 24-hours leading to press time on Memorial Day evening.

What Happened: The top gainers towards the end of the holiday included AAVE (AAVE), Chainlink (LINK), XRP (XRP), and SHIBA INU (SHIB). 

See Also: How to Buy Shiba Inu (SHIB)

AAVE spiked 19.57% in a 24-hour period. Against Bitcoin (BTC) and Ethereum (ETH), the cryptocurrency rose 12.14% and 3.56%, respectively, in the same period.

LINK and XRP rose 20.56% and 18.94%, respectively, to $31.20 and $1.06 in a 24-hour window. LINK gained 12% and 3.44% against BTC and ETH, while XRP rose 9.49% and 1.11% against BTC and ETH.

Meme cryptocurrency SHIB traded 16.6% higher at $0.000009143 at press time in a 24-hour period. Against BTC and ETH, SHIB rose 9.34% and 0.98%, respectively.

BTC traded 6.88% at $37,316.45 and ETH spiked 15.38% at $2,676.19 over a 24-hour period.

Why It Matters: On Sunday, the market capitalization of the global cryptocurrency market had hit the $1.44 trillion level. The recovery over Memorial Day until press time is over 16%.

The rise in the respective cryptocurrencies is a continuation of the trends seen recently. Meme coins have gained ground buoyed by the efforts of investors active on social media, while cryptocurrencies in the DeFi arena have also risen.

See Also: DeFi Total Value Locked Has Tripled This Year Despite Recent Bitcoin, Ethereum-Led Crypto Carnage

On Sunday, Tesla Inc TSLA CEO Elon Musk backed a demand by Blockfolio which called for using thermal energy generated by Dogecoin (DOGE) mining to heat a hot tub.

DOGE traded 13.56% higher at $0.34 at press time. Over 24-hours, the Shiba Inu-themed rose 6.13% against BTC but fell 1.64% against ETH.

Other DeFi gainers on Memorial Day included Uniswap (UNI), which traded 15.5% higher, Maker (MKR) up 8.9% at $3,494.87, and PancakeSwap (CAKE) up 16.38% at $17.60.

Read Next: Here's How Shiba Inu (SHIB) Rally Is Different From Dogecoin