Meme coins were one of the earliest stars earlier this year, and popular influencers such as Elon Musk and Mark Cuban helped push up Dogecoin (DOGE) prices. DOGE’s success eventually led to a huge collection of dog themes that now complete the meme package.
This week, the package starts again after Shiba Inu (SHIB) discovered a three-digit outbreak and DOGE seems to be moving higher. Bitcoins (BTC)’s sudden move above the $ 55,000 level seems to have started the action, and although the price fell lower to test key support, meme is still giving bullish signals.
Apart from the latest Bitcoin hacks and announcements about protocols, it seems that the emergence of meme coins started after Elon Musk tweeted a picture of a Shiba Inu puppy.
Shiba Inu is expanding its ecosystem
According to CoinGecko, among the 5 best meme coins, Shiba Inu (SHIB) was the best player last week, as the price rose 400% from a low of $ 0.00000700 on October 4 to a multi-month high of $ 0.0003529 in October. 6.
Top 5 meme coins by market value. Source: CoinGecko
The increase in SHIB’s price comes as the token’s ecosystem grows to include the ShibaSwap exchange, which claims to offer lower currency fees than Uniswap and more ways for token holders to make money by offering liquidity or games. …
SHIB also has the benefit of being one of the few meme tokens listed on many major crypto exchanges, including Coinbase and Binance, which offer significant liquidity and trading volume to traders interested in SHIB.
The Shiba Inu community is also showing increasing interest in the upcoming launch of the Shiboshi NFT protocol.
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SHIB may have had the largest percentage gain, but DOGE is still the number one dog in the group with the highest range and market value of $ 33.26 billion.
VORTECS fra data from Cointelegraph Markets Pro began to define the optimistic outlook for DOGE on October 1, ahead of the recent price increase.
VORTECS ™ is exclusive to Cointelegraph, an algorithmic comparison of historical and current market conditions derived from a range of data points, including market sentiment, trading volume, recent price movements and Twitter activity.
VORTECS score (green) against DOGE prize. Source: Cointelegraph Markets Pro
As shown in the chart above, the DOGE VORTECS steg result rose to a high of 74 on October 1, approximately 61 hours before the price rose 26.7% over the next two days.