BITCOINOX

Top Mem coins on the rise in the market

Shiba inu (SHIB) and Dogecoin (DOGE) are the most popular Meme coins, currently on the rise in the market, and SHIB once again occupies a leading position among the top 100 cryptoassets by market capitalization over the past week.

All-time high was recorded in October last year and since then SHIB is still down by about 82%, while DOGE has dropped by almost 90% compared to the record high in May 2021.

SHIB 1-week chart

The most interesting thing is that SHIB and DOGE have been growing for four weeks in a row – this is the longest winning streak after a large-scale rally in September and October last year.

Sometimes the rally of meme coins is difficult to explain, one of the possible reasons for the hype around DOGE may be that The Boring Company of Elon Musk is going to accept DOGE as payment for users of its recently opened transit station in Las Vegas.

DOGE 1-week chart

Big changes are also expected for SHIB, the Shibarium public beta test network will be launched at the end of this quarter, and for the 4th quarter of 2022 it is planned to create a dedicated ecosystem of the metaverse and Shiba Inu non-fungible token (NFT).

The game Shiba Eternity will become the main component of this verse, which, according to screenshots posted on Twitter, is an online card fighting game similar to popular games with the ability to earn money, such as Axie Infinity (AXS).

SHIB’s lead developer, Shitoshi Kusama, has previously said that a decentralized stable coin known as SHI is planned as part of a growing ecosystem.

According to Hayden Hughes, CEO of social trading platform Alpha Impact, the growth of meme coins shows that ordinary retail investors are again attracted to the crypto market.

“Dogecoin and Shiba Inu have both broken out over the weekend, clear evidence that the retail investor is back,” Hughes told Bloomberg in a comment on Monday.

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