The “meme” crypto-currencies Shiba inu (SHIB) and Dogecoin (DOGE) have been performing upwards in the market. SHIB, in particular, stands out as the third best performer among the top 100 crypto-assets by market capitalization over the past week. The rise for DOGE and Shib is not over, watch for them over the next week.
SHIB is currently trading at USD 0.001569, up 0.4% over the past 24 hours and up 30% over the past week. DOGE is trading at USD 0.075, down 4% on the day but up 10.5% on the week.
Since its all-time high last October, SHIB remains down about 82%, while DOGE is down nearly 90% from its all-time high in May 2021.
SHIB, however, has had back-to-back gains over the previous four weeks – its longest winning streak since September and October 2021. This is also the first time since May 11 of this year that SHIB has traded above the 0.000015 USD level.
At the same time, the previous week also marked the fourth consecutive week of gains for DOGE, marking its first such streak since April. And while the price trajectories of meme currencies are difficult to explain, one reason for the excitement around DOGE has to do with its use as a means of payment with Elon Musk’s Boring Company at a transit station that recently opened in Las Vegas.
For SHIB, this major increase comes as the launch of a second-layer solution for the Shiba Inu ecosystem, known as Shibarium, approaches.
Shibarium’s public beta testing network is expected to launch later this quarter. Meanwhile, a dedicated metaverse and a Shiba Inu non-fungible token (NFT) ecosystem are planned for Q4 2022.
A game called Shiba Eternity, which from screenshots posted on Twitter appears to be a card-based online battle game similar to popular play-to-earn games like Axie Infinity (AXS), is part of this project.
SHIB’s lead developer, Shytoshi Kusama, had previously stated that the release of a decentralized stablecoin known as SHI was planned as part of the development of this growing ecosystem.
According to Hayden Hughes, CEO of social trading platform Alpha Impact, the gains in crypto memes show that ordinary retail investors are once again attracted to the crypto market.
Dogecoin and Shiba Inu both crossed a significant threshold over the weekend, clear evidence that the retail investor is back,” Hughes told Bloomberg in a commentary Monday.
There was a festive mood on Twitter accounts associated with the Shiba Inu community over the weekend, with users celebrating the fact that SHIB – according to some sources – has surpassed DOGE in terms of market capitalization.