Dogecoin, Shiba Inu Are Leading The Current Crypto Price Rally

  • Memecoins Dogecoin and Shiba Inu are top gainers of the current crypto market. 
  • Doge is up 9% ($0.08506) at press time while Shiba Inu is up 1% at $0.00001611

Meme cryptocurrencies Dogecoin and Shiba Inu are rallying ahead in terms of pricing as the market gradually recovers from its months-old crypto slump. At press time the prices of Doge are up 8% at $0.08477, while Shiba Inu is currently sitting at $0.00001618, up 0.86% according to Coinmarketcap

Dogecoin Is Up 15% In The Last 24 Hours

Memecoins are leveling up their crypto game with Dogecoin reporting an upward price trajectory. Doge is up 15.81% in the last 24 hours according to the data recorded by Coinmarketcap. 

Per the data analytics firm IntoTheBlock, nearly 27 million Doge investors are currently reaping profits derived from its latest price ascent. These holders now collectively own nearly $8.13 billion worth of Doge. 

Doge’s price ascension has also positively impacted its current market cap which has also leveled up and is presently sitting at $11,250,909,338 with a 24-hour trading volume of $1,817,116,305. 

Dogecoin has now flipped Shiba Inu in terms of market capitalization. The meme coin has constantly been expanding its service portfolio and had earlier unveiled its newest protocol dubbed Libdogecoin, which has partly contributed to Doge’s recent price rally. 

Per the official website, Libdogecoin is described as “a complete implementation of the Dogecoin Protocols as a C library (and series of bindings to popular languages) which will allow anyone to build a Dogecoin compliant product, without needing to worry about the deeper specifics of the crypto functions. “

“During the process of, extracting the fundamentals from the Dogecoin Core Wallet (reference implementation) we aim to document ‘how Dogecoin works’ as a suite of tests and documents we are calling the Dogecoin Standard. By doing this we will be able to verify that the Libdogecoin implementation of Dogecoin’s internals is accurate to the OG wallet, and thus provide a mechanism for any future Dogecoin implementations to verify compliance with the Dogecoin Network.” The statement further adds. 

Formerly created as a joke by developers Billy Markus and Jackson Palmer, the cryptocurrency has since its inception been making waves in the crypto market and has been personally endorsed by Tesla CEO Elon Musk. Last week, Crypto billionaire Mark Cuban also stated how the Dogecoin network has more potential applications than Cardano, amping the network up a notch. 

Shiba Inu Overtakes Avalanche To Become World’s 12th Most Valuable Coin

Apart from Dogecoin, another dog-themed cryptocurrency Shiba Inu is also gradually rising in terms of pricing. Shiba Inu is up 25% in the last 24 hours and has flipped Avalanche to become the 12th most valuable crypto coin. 

Several crypto enthusiasts have further labeled the launch of the new Shiba Eternity Game as one of many reasons for driving its latest price ascent. The game is due to launch earlier this month. 

However, several crypto analysts have also credited the upcoming Ethereum merge as one of the leading driving forces attributing to the current Doge and Shib price surge.  According to Bloomberg, both the crypto coins are relishing in the Ethereum merge frenzy. 

“Dogecoin and Shiba Inu have both broken out over the weekend, clear evidence that the retail investor is back,” said Hayden Hughes, chief executive of social-trading platform Alpha Impact in a message Monday, noting that there is optimism both coins will gain like Ethereum as they’re each due for upgrades as well.” As quoted by Bloomberg.