Shiba Inu SHIB/USD topped daily gains on Wednesday, up 5% and outperforming top meme coins by market cap such as Dogecoins DOGE/USD and Dogelon Mars ELON/USD.

What happened: SHIB’s rally can be attributed to two main catalysts – an overall green crypto market Bitcoin BTC/USD Breaking through $18,000 and ether ETH/USD touched the $1,400 mark.

The second reason is that of SHIB recent collaboration with the Bugatti Group Luxury brand specializing in the manufacture, marketing and sale of luggage, wallets, briefcases and accessories.

See More: Best Crypto Day Trading Strategies

The second biggest meme coin gainer, according to CoinMarketCap, is DOGE, the largest meme coin by market cap, which is up 4.77% and is trading at $0.08 but has yet to break the $0.10 mark.

Dogelon Mars was third on the list, up 3.58% over the past 24 hours.

price action: ETH traded at $1,398, up 5.11% in the last 24 hours, according to Benzinga Pro.

Continue reading: FTX says it has recovered over $5 billion, but the extent of customer losses is unknown