Crypto News – According to CoinMarketCap data, SHIB’s price has increased by 8% during the same period, whereas DOGE has added over 10% to its gain. The surge in value indicates that, among other things, cryptocurrency traders are now focused on two tokens.
Popular Meme Coins Dogecoin and Shiba Inu Surprise Increase in Price!
In contrast to Bitcoin, which saw a surge in value due to speculation about an ETF being approved in the US, the two tokens do not appear to have a compelling reason for their increase. But a lot of people in the crypto community think that recent X changes might have sparked the surge.
The social media network revealed a function on Thursday that allows premium members to make video calls. Despite the lack of any obvious connections between DOGE and the feature on X, many in the cryptocurrency industry often draw this kind of conclusion, particularly since Elon Musk assumed leadership for X.
DOGE and SHIB’s Performance is Still Not So Good
Trade volume for DOGE and SHIB has surged from a total of $350 million on Monday to $1.2 billion in Thursday’s trading session, marking the beginning of what might be a historic week for the cryptocurrency market. Additionally, there has been a noticeable increase in open interest in the tokens of over 50%, indicating that cryptocurrency traders anticipate increased volatility in the near future.
On-chain data indicates that the tokens have underperformed, nonetheless, considering the meme coin’s volatile nature. In the last week, the two biggest meme networks in terms of market capitalization, DOGE and SHIB, have only seen a 15% increase in price.
%s Comment