The market is now focused on dog-themed meme tokens after the massive rally of 400% by Shiba Inu. This has prompted many people to speculate that DOGE is also on the verge of a similar breakout. The cryptocurrency is already in the news for its wonderful performance in the last few months.
The surge of meme coins
The meme coins saw a good surge after big tech giants like Elon Musk promoted them through tweets. This led to a huge interest in Dogecoin among the common investors. The trading volumes improved many folds after a series of tweets by several other celebrities. This led to a new trend of dog-themed coins in the market.
Shiba Inu has a considerable run
Surprisingly, Shiba Inu saw a huge breakout to the level of triple-digit in recent weeks. Many analysts are of the opinion that even Dogecoin is set for a similar move in the next few months. Experts also feel that after Bitcoin survived comfortably above the $55000 level this year, the market has shown a lot of confidence in crypto coins.
Much to everyone’s astonishment, SHIB has surged more than 400% in the last few weeks. The ShibaSwap exchange has now started offering lower exchange fees than other platforms after this move. SHIB has a lot of advantages when compared to other coins as it is listed on popular trading platforms like Binance and Coinbase.
According to market experts, DOGE has a huge market cap of close to $50 billion. This shows the confidence investors have in this crypto asset. It would be interesting to see how this asset moves in the upcoming months after the steep hike in other similar currencies in the market. Even though there are few risks associated with trading such assets, the market seems to be ignoring all of them after seeing the profit margins in recent months.