- Memecoins Dogecoin and Shiba Inu are the biggest winners in the current crypto market.
- Doge is up 9% ($0.08506) at press time while Shiba Inu is up 1% at $0.00001611
Meme cryptocurrencies Dogecoin and Shiba Inu are rallying in price as the market gradually recovers from its months-old crypto meltdown. At press time, Doge prices are up 8% to $0.08477, while Shiba Inu currently sits at $0.00001618, up 0.86% according to Coinmarketcap.
Dogecoin is up 15% in the last 24 hours
Memecoins are upping their crypto game with Dogecoin signaling an upward price trajectory. Doge is up 15.81% in the last 24 hours according to data recorded by Coinmarketcap.
According to data analytics firm IntoTheBlock, nearly 27 million Doge investors are currently reaping profits from its latest price hike. These holders now collectively own nearly $8.13 billion of Doge.
Doge’s price ascent has also had a positive impact on its current market capitalization which has also stabilized and currently stands at $11,250,909,338 with a 24-hour trading volume of $1,817,116,305.
Dogecoin has now overthrown Shiba Inu in terms of market capitalization. The meme coin has consistently expanded its portfolio of services and previously unveiled its new protocol dubbed Libdogecoin, which in part contributed to Doge’s recent price hike.
According to the official website, Libdogecoin is described as “a complete implementation of the Dogecoin protocols as a C library (and a series of bindings to popular languages) that will allow anyone to create a Dogecoin-compliant product, without having to worry about the specifics deepest of cryptographic functions.”
“During the process of extracting the fundamentals of the Dogecoin Core Wallet (reference implementation), we aim to document ‘how Dogecoin works’ in the form of a suite of tests and documents that we call the Dogecoin Standard. This By doing so, we will be able to verify that the Libdogecoin implementation of the Dogecoin Internals is accurate for the OG Wallet, and thus provide a mechanism for any future Dogecoin implementation to verify compliance with the Dogecoin Network.
Formerly created as a joke by developers Billy Markus and Jackson Palmer, the cryptocurrency has since its inception made waves in the crypto market and was personally endorsed by Tesla CEO Elon Musk. Last week, Crypto billionaire Mark Cuban also said that the Dogecoin network has more potential applications than Cardano, taking the network up a notch.
Shiba Inu overtakes Avalanche to become world’s 12th most valuable coin
Besides Dogecoin, another dog-themed cryptocurrency, Shiba Inu, is also gradually increasing in price. Shiba Inu has risen 25% in the past 24 hours and overturned Avalanche to become the 12th most valuable crypto coin.
Several crypto enthusiasts have further called the launch of the new Shiba Eternity game one of the many reasons why it has boosted its prices. The game is expected to launch earlier this month.
However, several crypto analysts have also credited the upcoming Ethereum merger as one of the major driving forces attributed to the current surge in Doge and Shib prices. According to Bloomberg, both cryptocurrencies are relishing Ethereum’s merger frenzy.
“Dogecoin and Shiba Inu both broke out over the weekend, clear evidence that the retail investor is back,” Hayden Hughes, managing director of social trading platform Alpha Impact said in a post on Monday, noting that there is optimism that both pieces will win. like Ethereum because they also need to be upgraded. As quoted by Bloomberg.