The meme coin rise is once again being led by Dogecoin and Shiba Inus. The previous week has seen a big comeback in the cryptocurrency market, and all of the altcoins have done the same. But lately, the meme coins have performed substantially better since they have kept making large gains while the rest of the market is losing ground.
The advances being recorded by the meme coins are a solid indication that they remain a powerful force in the sector, even though it cannot be argued that the meme coin season is back in full swing. While the majority of the market has been trading sideways over the past 24 hours, imitating bitcoin, currencies like Dogecoin and Shiba Inu are still doing well.
Since Twitter included both assets in its $Cashtags function, demand in both has grown. Now, when a user searches for DOGE or SHIB on the social networking site, a chart and price appear. Both coins increased in value when this was made public.
The price of DOGE has increased by over 2.23% and 12% in the previous 24 hours. On the other side, Shiba Inus are doing much better, registering double-digit growth throughout the same time frame.
SHIB had already increased by 15% on the previous day and by 34% over the previous seven days. The majority of the profits have been generated by the expectation for the introduction of Shibarium, a Layer 2 blockchain, even if the overall cryptocurrency rise has also contributed to this.
DOGE’s trading volume has increased by 53% over the last day, while SHIB continues to lead in this area with a trading volume growth of more than 200%. While Dogecoin continues to hold the ninth place among the top cryptocurrencies, SHIB has effectively recaptured the position of 13.
Other meme coins have surged in value as a result of the expansion of Dogecoin and Shiba Inu, the two biggest meme coins on the market. The bulk of meme currencies are witnessing increases in the previous 24 hours, according to statistics from Coinmarketcap.
One such is Baby Doge Coin, which has increased 5.2% in the last day. Similarly, Dogelon Mars is currently gaining 4.51%. Along with Safemoon Inu, which is up 4.86%, Hoge Finance is also doing well, rising by 5.42%.
The majority of the gains, though, happened in the previous week as a result of the significant bitcoin increase. Therefore, the present market rebound that has trickled down is less of a meme coin rebirth and more of a general market recovery.
For the time of writing, SHIB is trading for $0.00001211 and DOGE is now trading at $0.086.