Dogecoin price has been one of the best performers following the recent rally in the crypto market. The Shiba Inu, on the other hand, followed closely and even upset the Avalanche in the process. This development has sparked discussion that meme coin season may be back.
Dogecoin price and popular Shiba Inu
The price of Dogecoin and Shiba Inu are in the spotlight as it is one of the biggest gainers following the recent Bitcoin-led market rally, which is aiming for its current all-time high (ATH) of $73,000. . For context, DOGE is up 28% in the past 7 days and 7% in the past 24 hours. Shiba Inu also enjoyed a 6% price increase over the past seven days, overturning Avalanche to become the 12th largest cryptocurrency by market capitalization.
Dogecoin’s price and Shiba Inu’s performance have sparked talk that memecoin season may be back. It also brought back memories of the 2021 bull market, when major meme coins enjoyed unprecedented price increases. The price of Dogecoin has increased by over 26,000% and the price of Shiba Inu has increased by over 1 million%.
Memecoin season could be in full swing once again as Bitcoin price focuses on a new ATH. Additionally, this cycle is widely referred to as a meme supercycle, with these categories of altcoins being the dominant narrative. Based on this, crypto analysts like Crypto Kaleo predict that the price of Dogecoin will surpass Bitcoin.
In fact, thanks to this meme coin season (or supercycle), Dogecoin’s price has already outperformed the leading cryptocurrencies this market cycle. DOGE is up 95% since the beginning of the year, while Bitcoin price is up 71% since the beginning of the year. Shiba Inu has also surpassed Bitcoin with a year-to-date increase rate of 84%.
The era of DOGE may be now.
While Dogecoin’s price got off to a slow start during the meme coin season earlier this year, other memes such as Dogewifat (WIF) and Pepe (PEPE) posted significant gains. However, Dogecoin has made up for its slow start with recent price increases in recent weeks, seeing how it has outperformed other top meme coins during this period.
Two weeks ago, the price of Dogecoin rose 30% in 7 days. This price hike is largely due to Elon Musk, whose Department of Government Efficiency (DOGE) is likely to get a boost with Donald Trump likely to become the next US president. Musk’s coining of the term “DOGE” is seen as an indirect way for him to support cutting-edge meme coins.
So if Trump wins and Musk gets on board with DOGE, the Dogecoin bull run could be in full swing. Meanwhile, thanks to a team effort, Shiba Inu is also making waves of its own. Memecoin has reversed Avalanche and is now among the top 10 cryptocurrencies by market capitalization, following Cardano and Toncoin.
DOGE price breaks above $0.17 resistance | Source: DOGEUSDT on Tradingview.com
Featured image created by Dall.E, Charts from Tradingview.com
