As a seasoned crypto investor with a knack for spotting trends and a penchant for humor, I must say that the recent performance of Dogecoin (DOGE) and Shiba Inu has caught my attention like a barking Shiba at a dog show. The meme coin season is back, it seems, and these two are leading the pack.
In the wake of the latest cryptocurrency market surge, Dogecoin‘s price is standing out as one of the top performers. Simultaneously, Shiba Inu has kept pace and managed to surpass Avalanche in the process. This trend has sparked conversations suggesting that the meme coin era could be making a comeback.
Dogecoin Price And Shiba Inu In The Spotlight
The Dogecoin price and Shiba Inu are in the spotlight as they are among the 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% in the last seven days and 7% in the last 24 hours. Shiba Inu has also enjoyed a price gain of 6% in the last seven days and has flipped Avalanche to become the twelfth largest crypto by market cap.
Discussions are arising that the meme coin craze could be making a comeback, due to the recent surge in the value of Dogecoin and Shiba Inu. This brings back recollections of last year’s bull market when these popular meme coins saw unparalleled price growth. For instance, Dogecoin soared by more than 26,000%, while Shiba Inu experienced a mind-boggling increase exceeding one million percent!
As the price of Bitcoin approaches a new all-time high, there’s a strong possibility that the meme coin trend will gain momentum once more. This recurring event is often called the “meme supercycle,” where altcoins like Dogecoin are at the forefront of discussions among crypto analysts. In fact, experts such as Crypto Kaleo predict that Dogecoin’s price could surpass Bitcoin during this cycle.
It seems that during the meme coin surge, or supercycle, Dogecoin has been exceeding the performance of the main cryptocurrency in this market period. As of now, Dogecoin has increased by 95% since the beginning of the year, while Bitcoin’s growth for the same time frame is at 71%. Shiba Inu is also showing better results compared to Bitcoin with a YTD gain of 84%.
DOGE’s Time Might Be Now
As an analyst, I’ve observed a gradual kickoff in the price trajectory of Dogecoin during the meme coin craze earlier this year, contrasting sharply with the significant surge experienced by contenders like Dogwifhat (WIF) and Pepe (PEPE). Yet, Dogecoin has managed to compensate for its initial sluggishness with impressive price increases over the past few weeks. Remarkably, it has surpassed these leading meme coins in terms of performance during this period.
Approximately two weeks ago, the price of Dogecoin increased by 30% over a period of seven days. This significant rise in price was largely attributed to Elon Musk, whose Department of Government Efficiency (D.O.G.E) appears poised to become a reality given Donald Trump’s likelihood of becoming the next U.S. president. Many believe that Musk’s use of ‘D.O.G.E’ is a subtle way for him to express his backing for the leading meme-based cryptocurrency.
If Trump wins the election and Elon Musk proceeds with Dogecoin (D.O.G.E), it could ignite a significant surge in the value of Dogecoin. Meanwhile, Shiba Inu is also gaining traction due to its dedicated team. This meme coin has already overtaken Avalanche and is now targeting Cardano and Toncoin to enter the top 10 cryptocurrencies by market capitalization.
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2024-10-31 00:11