The 400 percent surge in SHIB has re-ignited interest in dog-themed meme tokens, and it might indicate that Dogecoin [DOGE] is on the cusp of a similar breakthrough.
At the start of this year’s bull run, meme coins were among the earliest breakout stars, with big-name influencers like Elon Musk and Mark Cuban helping to fuel a surge in the price of Dogecoin (DOGE). DOGE’s popularity generated a huge litter of dog-themed offshoots, which today make up the meme coin pack.
After Shiba Inu (SHIB) experienced a triple-digit breakout and DOGE appears set to climb higher, the pack is once again on the run. Bitcoin’s (BTC) unexpected surge over $55,000 looks to have sparked the rally, and meme-tokens are still showing positive signs even as the price drops to test fundamental support.
Apart from Bitcoin’s recent breakthrough and protocol-specific disclosures, Elon Musk’s tweet of a Shiba Inu dog appears to have sparked a rise in meme currencies.
Shiba Inu (SHIB) has been the greatest performer among the top 5 meme coins during the last week, according to CoinGecko, with its price rising 400 percent from a low of $0.00000700 on Oct. On Oct. 6, it climbed to a multi-month high of $0.0003529 USD.
SHIB’s price has risen as the token’s ecosystem has grown to include the ShibaSwap exchange, which promises to offer lower exchange costs than Uniswap and numerous options for token holders to make a return through liquidity or staking.
SHIB also has the advantage of being one of the few meme tokens listed on multiple big cryptocurrency exchanges, such as Coinbase and Binance, providing adequate liquidity and the trading volume for SHIB traders.
The Shiba Inu population has also shown a growing interest in the protocol’s Shiboshi NFT, which is expected to launch soon.