Dogecoin, Shiba Inu, And The Meme Coins That Are Making A Comeback

Dogecoin and Shiba Inu are once more leading the meme coin rally. With the crypto market seeing a big recovery during the last week, all the altcoins have followed suit. Nonetheless, the meme coins have been significantly higher recently as they’ve continued to see high gains at a time when the remainder of the market is falling back.

Dogecoin, Shiba Inu See Gains

Even though it can’t be said that meme coin season is back in full swing, the gains being recorded by the meme coins is indicator that they continue to be a formidable force within the sector. Within the last 24 hours, a lot of the market has followed the footsteps of bitcoin and is now trading sideways, but coins similar to Dogecoin and Shiba Inu are still in good standing.

Each assets have been having fun with renewed interest after Twitter added them to its $Cashtags feature. Now, users of the social media platform can search DOGE or SHIB, and a chart and price pop up. After this was made public, each coins rallied upwards.

Within the last 24 hours, the value of DOGE is already up over 2.23% and it’s seeing 12% gains. Shiba Inu, then again, is doing a lot better, recording double-digit gains in the identical time period.

SHIB is already up 15% within the last day and is seeing an uptick of 34% already within the last week. A lot of the gains, while also helped along by the overall crypto rally, have come from the anticipation surrounding the launch of Shibarium, a Layer 2 blockchain.

DOGE and SHIB lead meme coins | Source: Coinmarketcap

DOGE’s trading volume has seen a 53% increase within the last day, but again, SHIB stays ahead on this regard with an over 200% increase in its trading volume. SHIB has also successfully reclaimed the thirteenth spot for the biggest cryptocurrencies while Dogecoin stays within the ninth position.

Other Meme Coins Follow Suit

The expansion of Dogecoin and Shiba Inu, that are each the biggest meme coins out there, has sparked a rally in other meme coins. In keeping with data from Coinmarketcap, nearly all of meme coins are seeing gains within the last 24 hours.

An example is Baby Doge Coin which is up 5.2% within the one-day period. Likewise, Dogelon Mars is seeing 4.51% gains presently. Hoge Finance can be up 5.42%, in addition to Safemoon Inu, which is seeing 4.86% gains.

The vast majority of the gains have occurred within the last week though, following the huge bitcoin rally. So it’s currently less of a meme coin revival and more of a general market recovery that has trickled down.

On the time of this writing, the value of DOGE is trending at $0.086, while SHIB is changing hands at $0.00001211.

Dogecoin price chart from TradingView.com

DOGE price recovers to $0.085 | Source: DOGEUSD on TradingView.com

Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet… Featured image from NotebookCheck, chart from TradingView.com

Leave a Comment

Copyright © 2024. All Rights Reserved. Finapress | Flytonic Theme by Flytonic.