Momentum from the broader cryptocurrency market appears to be on the upside this week after bulls pushed the price of Bitcoin above $46,000 and Ether above $3,000.
The rising optimism has also translated into a bounce in dog-themed meme currencies such as Dogecoin (DOGE) and Shiba Inu (SHIB), which have seen their prices rise more than 55% in the past three weeks.
Dog-themed meme coins caught fire earlier this year, after Dogecoin became the altcoin of choice for influencers like Elon Musk and Mark Cuban. Ethereum (ETH) co-founder Vitalik Buterin rocked the boat further on May 14 when he liquidated trillions of SHIB’s and donated the proceeds to charities.
At the time, investors saw this as optimistic validation, but both projects had been in a rut since the Bitcoin-led market crash of May 19th.
Dogecoin leads the pack
The reversal of the Dogecoin trend began on July 20, the same day that the Bitcoin price bottomed out at $29,500, as the DOGE price hit a low of $0.16 before correcting its course and ride up.
Data from Cointelegraph Markets Pro and TradingView show the Doge’s price rose 78% from a low of $0.159 on July 20 to a fluctuating high of $0.284 on August 8, with its 24-hour trading volume rising to $9.3 billion.
Dogecoin’s recovery got off to a quick start on July 21, after a announcement from Coinbase Commerce that DOGE could now be used for payments.
Shiba Inu developers implement token writing
Shiba Inu’s rally also began on July 20, after SHIB dropped to a low of $0.0000057 amid sell-off across the market.
In the three weeks since its price hit bottom, the SHIB has seen a threefold increase in its 24-hour trading volume, which was followed by a 56% price rise to the weekly high of $0.00000888 in 8 of August.
The price increase came after developers announced that a new recording engine will be included in the new listings in the ShibaSwap exchange. Token burning aims to reduce the circulating supply of SHIB and the protocol’s ‘Doge Killer’ (LEASH) token.
NEW PAIRS ADDED + BURN!!!!
The Shiba Community asked for a BURN and #ShibaSwap DEVs have listened, and are delivering!
— Shib (@Shibtoken) August 7, 2021
NEW PAIRS ADDED + BURN!!!!
The Shiba community has asked for a BURN and #ShibaSwap DEVs have listened and are delivering!
As part of the new listing plans, they implemented a burning procedure to reduce the supply of $SHIB and $LEASH.
In conjunction with the listing of Perlin (PERL) and Ryoshi Token (RYO) on ShibaSwap, $25,000 in SHIB and LEASH were burned.
According to the Shiba Inu website, the current supply of LEASH in circulation is 107,646 tokens, while the estimated supply of SHIB is 394.8 billion.
The views and opinions expressed herein are those of the author alone and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you must conduct your own research when making a decision.
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