Meme coins were some of the first stars of the explosion at the start of this year’s bull run and big name influencers like Elon Musk and Mark Cuban helped drive the price of Dogecoin (DOGE). DOGE’s success ended up spawning a huge litter of canine-themed offshoots that now populate the meme coin pack.
This week, the peloton is once again on a run after Shiba Inu (SHIB) saw triple-digit growth and the DOGE looks set to rise. Bitcoin’s (BTC) sudden move above the $55,000 level appears to have kick-started the move, and even with the price dropping to test underlying support, the meme-tokens are still giving bullish signals.
In addition to the recent Bitcoin rush and protocol-specific announcements, the meme coin rally appears to have started after Elon Musk tweeted a photo of a Shiba Inu puppy.
Floki Frunkpuppy pic.twitter.com/xAr8T0Jfdf
– Elon Musk (@elonmusk) October 4, 2021
Shiba Inu expands its ecosystem
According to CoinGecko, of the 5 major meme currencies, Shiba Inu (SHIB) had the best performance last week with its price rising 400% from a low of $0.00000700 on October 4th to a multi-month high of $0.00003529 on October 6th.
The increase in the price of SHIB comes as the ecosystem behind the token expands to include the ShibaSwap exchange, which claims to offer lower exchange rates than Uniswap and various ways for token holders to earn revenue by providing liquidity or deposit.
SHIB also benefits from being one of the few meme tokens listed on several major cryptocurrency exchanges, including Coinbase and Binance, which provide ample liquidity and trading volume for traders interested in SHIB.
The Shiba Inu community has also shown growing interest in the upcoming release of the Shiboshi NFT protocol.
Dogecoin prepares to grow
SHIB may have had the biggest percentage gain, but DOGE remains the leader of the pack with the longest reach and a market capitalization of $33.26 billion.
Cointelegraph Markets Pro’s VORTECS™ data began detecting a bullish outlook for the DOGE on Oct 1, ahead of the recent price increase.
The VORTECS™ Score, unique to Cointelegraph, is an algorithmic comparison of historical and current market conditions derived from a combination of data points, including market sentiment, trading volume, recent price movements and Twitter activity.
As seen in the chart above, the VORTECS™ score for DOGE rose into the green zone and reached a high of 74 on October 1st, about 61 hours before the price rose 26.7% in the next two days.
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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