SHIB’s 400% rally brings attention back to dog-themed meme tokens and it could be a sign that DOGE is on the verge of an equal-sized breakout. Meme coins were some of the earliest breakout stars at the start of this year's bull run and big-name influencers like Elon Musk and Mark Cuban helped to stoke a surge in the price of Dogecoin (DOGE). The success of DOGE eventually spawned th massive litter of dog-themed offshoots that now populate the meme coin pack.
This week the pack is once again on the run after Shiba Inu (SHIB) saw a triple-digit breakout and DOGE looks ready to move higher. Bitcoin's (BTC) sudden move above the $55,000 level appears to have kickstarted the move, and even as the price moves lower to test underlying support, meme-tokens are still flashing bullish signals.
Aside from Bitcoin's recent breakout and protocol-specific announcements, the rally in meme coins seems to have been kicked off after Elon Musk tweeted a picture of a Shiba Inu puppy.
According to CoinGecko, of the top 5 meme coins, Shiba Inu (SHIB) has been the best performer over the past week with its price surging 400% from a low of $0.00000700 on Oct. 4 to a multi-month high at $0.0003529 on Oct. 6. The surge in price of SHIB comes as the ecosystem behind the token has expanded to include the ShibaSwap exchange, which claims to offer lower exchange fees than Uniswap and multiple ways for token holders to earn a yield through providing liquidity or staking.
SHIB also benefits from being one of the few meme tokens listed on multiple large cryptocurrency exchanges, including Coinbase and Binance, which provides ample liquidity and trading volume for traders interested in SHIB.
The Shiba Inu community has also been showing an increasing interest in the upcoming launch of the protocol’s Shiboshi NFT.
SHIB may have notched the largest percentage gain, but DOGE remains the top dog of the pack with the furthest reach and a market cap of $33.26 billion. VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for DOGE on Oct. 1, prior to the recent price rise.
The VORTECS™ Score, exclusive 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 climbed into the green zone and hit a high of 74 on Oct. 1, around 61 hours before the price increased by 26.7% over the next two days.
|#||Crypto||Prediction||Accuracy||CVIX||Price||24h||7d||Market Cap||7d price change|
|1||BTC||Bitcoin predictions||72%||51||$27 716.54||-1.82%||12.55%||$535 636 495 855|
|2||ETH||Ethereum predictions||78.4%||34||$1 755.09||-2.51%||5.91%||$214 776 666 177|
|3||USDT||Tether predictions||96%||1||$1.002644||0.08%||-0.01%||$77 641 115 939|
|4||BNB||Binance Coin predictions||74%||47||$324.28||-4.30%||2.71%||$51 200 109 142|
|5||USDC||USD Coin predictions||90.8%||2||$0.999666||0.09%||0.01%||$34 710 233 106|
|6||XRP||XRP predictions||85.6%||17||$0.430223||-7.21%||17.82%||$21 920 232 563|
|7||HEX||HEX predictions||63.2%||82||$0.122471||17.07%||52.82%||$21 237 782 043|
|8||ADA||Cardano predictions||78%||44||$0.363953||-4.28%||12.00%||$12 636 148 693|
|9||STETH||Lido stETH predictions||92%||1||$2 941.39||-0.40%||-3.32%||$10 258 752 564|
|10||DOGE||Dogecoin predictions||73.2%||57||$0.074806||-1.43%||6.59%||$9 924 596 389|
|11||MATIC||Polygon predictions||76.4%||51||$1.12||-3.14%||-0.40%||$9 779 730 336|
|12||SOL||Solana predictions||74.8%||54||$21.61||-3.84%||11.54%||$8 292 848 408|
|13||BUSD||Binance USD predictions||93.6%||1||$0.999732||-0.05%||-0.05%||$8 061 861 044|
|14||DOT||Polkadot predictions||72.8%||50||$6.15||-3.06%||3.23%||$7 193 674 767|
|15||LTC||Litecoin predictions||70.4%||58||$87.97||7.97%||12.03%||$6 381 945 113|
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