The evolving world of crypto has witnessed recent market volatility that has influenced the surge of various cryptocurrencies, including memecoins such as Shiba Inu (SHIB) and Dogecoin (DOGE). Despite the major currencies like Bitcoin (BTC) and Ethereum (ETH) battling for supremacy in the crypto space as they experience surges in their prices, it’s evident that their influence has created a spillover to other altcoins.
Recent market data show that both DOGE and SHIB have experienced a surge of over 5% in their prices following the current market bull rally. This has come as a surprise based on the backdrop of crypto traders in the memecoins. As such, this can be attributed to traders embracing riskier investments.
Shiba Inu’s (SHIB) and Dogecoin’s DOGE market gain
These two popular memecoins have shown records of underperforming major cryptos in the past week, as they recorded a 9% gain in their market value. This was a 24-hour gain that suggested that crypto trades are betting on riskier assets on Bitcoin’s back based on its recent market dominance and outperformance.
The sudden increase in the memecoin market prices can only be linked to Bitcoin’s bull rally that came after a long consolidation period since late last year. This is the only explanation for the surge in Dogecoin’s and Shiba Inu’s prices since no related macroeconomic events directly influence the coins.
Bitcoin’s increased price has come as a result of the growing interest in spot Bitcoin exchange-traded funds (ETFs) that have seen its price bump up by 30% in the past weeks. This surge affected other digital assets, including Ethereum, Solana, and XRP. Combined, all these three assets recorded a 40% total gain.
However, Dogecoin and Shiba Inu added a 15% gain over the same period. Still, compared to other crypto assets in the market, these memecoins underperformed other majors regardless of being highly volatile.
Reach out to her on i•G as JENNYWILSONFX
Recent market data show that both DOGE and SHIB have experienced a surge of over 5% in their prices following the current market bull rally. This has come as a surprise based on the backdrop of crypto traders in the memecoins. As such, this can be attributed to traders embracing riskier investments.
Shiba Inu’s (SHIB) and Dogecoin’s DOGE market gain
These two popular memecoins have shown records of underperforming major cryptos in the past week, as they recorded a 9% gain in their market value. This was a 24-hour gain that suggested that crypto trades are betting on riskier assets on Bitcoin’s back based on its recent market dominance and outperformance.
The sudden increase in the memecoin market prices can only be linked to Bitcoin’s bull rally that came after a long consolidation period since late last year. This is the only explanation for the surge in Dogecoin’s and Shiba Inu’s prices since no related macroeconomic events directly influence the coins.
Bitcoin’s increased price has come as a result of the growing interest in spot Bitcoin exchange-traded funds (ETFs) that have seen its price bump up by 30% in the past weeks. This surge affected other digital assets, including Ethereum, Solana, and XRP. Combined, all these three assets recorded a 40% total gain.
However, Dogecoin and Shiba Inu added a 15% gain over the same period. Still, compared to other crypto assets in the market, these memecoins underperformed other majors regardless of being highly volatile.
Reach out to her on i•G as JENNYWILSONFX