The Dogecoin price is amongst the perfect performers following this recent crypto market rally. Meanwhile, Shiba Inu has closely followed behind and has even flipped Avalanche in the method. This development has led to discussions that the meme coin season could be back.
Dogecoin Price And Shiba Inu In The Highlight
The Dogecoin price and Shiba Inu are within the highlight as they’re among the many top gainers following the recent market rally led by Bitcoin, which is eyeing its current all-time high (ATH) of $73,000. For context, DOGE has risen 28% within the last seven days and seven% within the last 24 hours. Shiba Inu has also enjoyed a price gain of 6% within the last seven days and has flipped Avalanche to turn into the twelfth largest crypto by market cap.
The Dogecoin price and Shiba Inu’s performance have led to talks that the meme coin season could be back. It has also brought back memories of the 2021 bull run when the foremost meme coins enjoyed unprecedented price tallies. The Dogecoin price rose by over 26,000%, and Shiba Inu’s price surged by over one million percent.
With the Bitcoin price eyeing a latest ATH, there’s a likelihood that the meme coin season is again set to click into full gear. Furthermore, this cycle has been widely known as the meme supercycle, wherein these categories of altcoins are the leading narratives. Based on this, crypto analysts like Crypto Kaleo have predicted that the Dogecoin price will outperform Bitcoin.
Indeed, due to this meme coin season (or supercycle), the Dogecoin price is already outperforming the flagship crypto on this market cycle. DOGE is up 95% year-to-date (YTD), while the Bitcoin price boasts a YTD gain of 71%. Shiba Inu can also be outperforming Bitcoin with a YTD gain of 84%.
DOGE’s Time Might Be Now
The Dogecoin price suffered a slow start throughout the meme coin season earlier within the 12 months, while other memes like Dogwifhat (WIF) and Pepe (PEPE) were recording massive gains. Nonetheless, Dogecoin has made up for that slow start with its recent price gains these past few weeks, seeing the way it has outperformed these other top meme coins during this era.
Two weeks ago, the Dogecoin price rose 30% in seven days. This price surge was primarily due to Elon Musk, whose Department of Government Efficiency (D.O.G.E) looks set to return to life with Donald Trump more likely to turn into the subsequent US president. Musk’s coining of the term ‘D.O.G.E’ is seen as an indirect way of him supporting the foremost meme coin.
Subsequently, the Dogecoin bull run could kick into full gear if Trump wins and Musk goes ahead with D.O.G.E. Meanwhile, Shiba Inu can also be making waves of its own, due to the team’s efforts. The meme coin has flipped Avalanche and is currently on the heels of Cardano and Toncoin to interrupt into the highest 10 cryptos by market cap.
Featured image created with Dall.E, chart from Tradingview.com