Meme cryptocurrencies Shiba Inu and Dogecoin, are surging today, leading to market observers forecasting the advent of the ‘’dog coin season’’. At the time of writing, Shiba Inu, or SHIB, was up nearly 45% in the past 24 hours, while Dogecoin jumped by 15%.
The move up in dogecoin price follows Tesla SpaceX CEO Elon Musk today at the Qatar Economic Forum in Doha reiterating his support for DOGE. The Tesla board CEO’s Twitter deal also showed indications of success. This is significant as Dogecoin proponents believe Musk might use the platform to push for Dogecoin acceptance on social media.
On Tuesday, Bitcoin (BTC) extended its winning streak to a second day, holding over the $21,000 mark in early signs of recovery. The price gains in bitcoin led to recovery among altcoins.
In the past 24 hours, ethereum (ETH)was up nearly 5% at $1,167.A general rebound was seen generally for Defi and lending tokens, Aave (AAVE), Waves (WAVES), and embattled Celsius tokens posted impressive gains of 25%, 33%, and 55%, respectively. The total cryptocurrency market capitalization has risen by 5% to $941 billion, as per CoinMarketCap.
Bitcoin prices fell to $17,599 on Saturday, marking the first time in the asset’s history that prices dipped below prior all-time highs. In a record-breaking 12th consecutive daily loss, Bitcoin plunged through several highly watched price levels to the lowest since late December 2020. The general market dip, according to analysts, was caused by deepening stress inside the crypto industry against a backdrop of monetary tightening.
According to Santiment, “Celsius and its +290% price surge in 10 days came as traders were disregarding the token.” But behind the scenes, big shark and whale addresses were accumulating in a big way.
The Onchain analytics firm also indicated a surge in large transactions as a lead-up to the current Synthetix rally. ” Synthetix is up +97% since this time on Saturday, and we can clearly see the major surge in SNX whale activity, showing their involvement. The 87th largest crypto asset by market cap typically has 3 $100k+ transactions a day, and Sunday had 129’’.
SHIB ranks among the biggest gainers of the past 24 hours. It is behind only TitanSwap, Waves, and Celsius Network—which is still enthralled in its own withdrawal controversy.
After its RSI level was oversold, perhaps holders followed Shytoshi Kusama’s tweet stating that the bear market presented the best time to buy or burn Shiba Inu.
The number of Shiba Inu holders has seen immense growth in recent months, reaching 1,184,559 at press time, according to WhaleStats data. Expectations surrounding Shibarium Layer 2’s release also amount to positivity for the popular meme cryptocurrency. Shiba Inu has burned one zero in its price tag and trades at $0.000011 at press time.
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