With Ethereum growing rapidly, there are high chances of several Ethereum-based altcoins showcasing their potential as well. Moreover, in the past week, Ethereum price hasincreased by 39.21% and is currently valued at $2528.71.
The first altcoin to show signs of growth is none other than DOGE, which is standing at $0.2362 at press time. It has been growing simultaneously with ETH, currently showing a nice gain of 37.43% over the past week. Besides, whales are back on the scene, supporting DOGE to rise to the occasion by buying over600 Million worth of DOGE in just 48 hours.
The next coin in the scenario is Shiba Inu, which hasgrown by 26.57% in one week, making its value up to $0.00001615 at the time of writing. Though the growth behind SHIB is majorly due to Ethereum, there’s another cause as well: burn mechanism. As per sources, Shiba Inu had aburn rate of 9400% in the last 24 hours, which has fueled the coin’s value. Besides, over 516.12 trillion SHIB were purchased in the past few days, indicating investors’ growing interest in the coin.
While both Shiba Inu and Dogecoin are rising, there’s Cardano in the line as well. Looking into the past seven days’ growth, Cardano price hasincreased by 20%and is currently valued at $0.8164. The main reason behind this could begrowing interest amongst investors. The coin is keeping up with ETH and has a high chance of being made to the top.