Will Dogecoin (DOGE) continue the 400% Shiba Inu (SHIB) rally?

Internet joke cryptocurrencies (memes) were among the first debutants of this year’s bull run. Famous names like Elon Musk and Mark Cuban helped the Dogecoin (DOGE) price surge. The success of the DOGE coin led to the emergence of other dog-themed “meme” coins.

This week, the price of Shiba Inu (SHIB) hit triple-digit gains and took action once again when DOGE rose. The sudden movement of the price of Bitcoin (BTC) above the $ 55,000 level has signaled that “meme” tokens will rise.

Aside from the recent Bitcoin boom and protocol-specific announcements, it appears that the recovery of “meme” coins has started after Elon Musk shared a picture of a Shiba Inu puppy.

Shiba Inu expands its ecosystem

Shiba Inu (SHIB), a top 5 “meme” coin, increased in price 400 percent from less than $ 0.00000700 on October 4, to a monthly high of $ 0.0003529 on October 6, according to CoinGecko. He achieved his best performance.

Top 5 “meme” currencies by market value. Source: CoinGecko

The rise in SHIB’s price came as the ecosystem behind the token expanded to include the ShibaSwap exchange, which claims to offer lower trading fees than Uniswap, and multiple ways for token holders to profit by providing liquidity or participation.

SHIB has also benefited from being one of the few “meme” tokens listed on several of the major cryptocurrency exchanges, including Coinbase and Binance, providing ample liquidity and trading volume for traders interested in SHIB. .

The Shiba Inu community is also paying special attention due to the upcoming Shiboshi NFT of the protocol.

SHIB may have had the highest percentage gain, but DOGE is still the top dog-themed coin with the longest reach and market cap of $ 33.26 billion.

Opinions and comments expressed here are solely those of the author. It may not reflect the views of Cointelegraph. All investment and trading involves risk. You should do your own research when making a decision.

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