Why Meme Tokens Shiba Inu and Dogecoin Were Soaring on Saturday
- The two leading canine-themed coins perform well when the entire cryptocurrency space is hot.
- Improved market-wide sentiment saw SHIB and DOGE surging yesterday.
What Happened?
The crypto market uptick of the past few days stretched into the weekend as most leading tokens and coins extended their surges on Saturday. That was the meme coin industry tale, with Shiba Inu and Dogecoin riding bullish waves. DOGE stayed about 9% high on Saturday night, whereas Shiba Inu advanced by 7%.
So?
As has happened with such uptrends, a soaring cryptocurrency tide rescues most boast. The latest indication about inflation’s continued decline welcomed speculations that the Fed will halt or slow the rate hike pace. That supports the prices of speculative investments and growth assets.
Crypto generally fall under that 2nd category, and meme token, with their less practical value, are usually speculative. Thus, the always-volatile Shiba Inu and Dogecoin are hopping along with the present bouncy marketplace.
Furthermore, 2023’s early weeks have exhibited amplified interest in themed tokens and coins. The latest Bonk airdrop has catalyzed such narratives. Bonk is a new Solana-based token. The altcoin attracted massive immediate interest as developers released around 50 trillion tokens – half of its overall supply – during the latest drop. The wild volume made the asset a top player within the meme token space, welcoming increased attention for the asset.
What Next?
Since meme coins have fewer practical use cases, nearly all their actions involve speculation and hype. Nevertheless, Bonk’s emergence makes this space interesting and lively, though investors should beware that these assets have little value.
DOGE and SHIB rose on Saturday due to an improved market-wide mood that saw Bitcoin climbing beyond $21K. Also, the overall market capitalization skyrocketed to above $1 trillion. However, the upside didn’t discourage bears, with most assets presenting dips early today.
For instance, Bitcoin lost 1.11% within the past 24hrs to hover near $20.679.33 during this writing. Further, bearish actions threaten more dips in the upcoming hours. Time will uncover everything.
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