Is Dogecoin set to follow Shiba Inu’s (SHIB) 400% breakout?
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.
Shiba Inu expands its ecosystem
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.
Dogecoin prepares for a breakout
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.
Top Cryptocurrencies with Price Predictions
| # | Crypto | Prediction | Accuracy | CVIX | Price | 24h | 7d | Market Cap | 7d price change | |
| 1 |  BTC |
Bitcoin predictions | 83.6% | 20 | $102 116.70 | 2.37% | 2.70% | $2 021 460 092 616 |  |
|
|---|---|---|---|---|---|---|---|---|---|---|
| 2 |  ETH |
Ethereum predictions | 69.2% | 63 | $3 912.07 | -0.47% | -2.02% | $471 196 373 885 |  |
|
| 3 |  XRP |
XRP predictions | 60.4% | 90 | $2.47 | 4.87% | 1.99% | $141 138 189 110 |  |
|
| 4 |  USDT |
Tether predictions | 91.2% | 1 | $0.999982 | -0.02% | -0.14% | $140 131 177 908 |  |
|
| 5 |  SOL |
Solana predictions | 77.6% | 34 | $226.15 | -0.64% | -3.94% | $108 332 233 027 |  |
|
| 6 |  BNB |
Binance Coin predictions | 72.4% | 60 | $731.00 | 3.05% | -0.78% | $105 270 636 457 |  |
|
| 7 |  DOGE |
Dogecoin predictions | 77.6% | 45 | $0.409827 | 0.40% | -5.76% | $60 323 093 648 |  |
|
| 8 |  USDC |
USD Coin predictions | 94% | 1 | $0.999894 | -0.01% | 0% | $41 988 368 670 |  |
|
| 9 |  ADA |
Cardano predictions | 62.8% | 74 | $1.12 | 0.68% | -7.21% | $39 228 078 149 |  |
|
| 10 |  TRX |
TRON predictions | 57.6% | 93 | $0.291593 | -0.47% | -10.06% | $25 148 527 188 |  |
|
| 11 |  AVAX |
Avalanche predictions | 68.8% | 65 | $52.60 | 0.18% | 1.15% | $21 549 114 067 |  |
|
| 12 |  LINK |
Chainlink predictions | 59.6% | 87 | $29.49 | -1.95% | 10.35% | $18 486 768 963 |  |
|
| 13 |  SHIB |
SHIBA INU predictions | 69.6% | 68 | $0.000029 | 2.06% | -6.65% | $16 885 125 234 |  |
|
| 14 |  TON |
Toncoin predictions | 69.2% | 69 | $6.32 | -1.03% | -7.04% | $16 112 935 640 |  |
|
| 15 |  DOT |
Polkadot predictions | 60.4% | 78 | $9.03 | -1.14% | -14.24% | $13 803 585 859 |  |
