Dogelon Mars, Shiba Inu and Dogecoin take the lead while Bitcoin consolidates

Cryptocurrency traders awoke to an altcoin bonanza. As a handful of meme tokens and some of the more established projects ran double-digit rallies, the price of Bitcoin (BTC) slowly rebounded to the $ 57,000 level.

The biggest development sparking conversations in the crypto industry and social media is the rise of dog-themed tokens inspired by the recent Dogecoin (DOGE) mega-rally. DOGE’s 20,000+% rally has shocked value investors around the world, and many Bitcoin maximalists and stock traders are scratching their heads in confusion since DOGE was originally created as a simple joke.

While DOGE has seen a 40% decline since hitting an all-time high of $ 0.74 on May 8, Other dog-themed tokens have jumped ahead to take the lead while Dogecoin takes a breather.

SHIB / USDT 4 hour chart against ELON / USDT. Fountain: TradingView
Dogelon Mars, Shiba Inu and Dogecoin take the lead while Bitcoin consolidates
Dogelon Mars, Shiba Inu and Dogecoin take the lead while Bitcoin consolidates

The demand for Shiba Inu (SHIB) has been so strong that buyers have oversaturated Binance’s system with deposits, resulting in the major exchange running out of deposit addresses. while the Australian token Safe Shepherd (ASS), based on the Binance Smart Chain, You have gained more than 400% in 24 hours. Dogelon Mars (ELON), inspired by Elon Musk, it’s valued 170%.

Yes OK Ether (ETH) continues to hold the $ 4,000 level as the bulls successfully defend themselves against significant downward moves. EOS, that once “Ethereum Killer”, saw its price skyrocket more than 40% after Block.one announced it had raised $ 10 billion in funding called for the creation of an EOS-based cryptocurrency exchange Bullish Global.

Daily performance of the cryptocurrency market. Fountain: Coin360

Other notable gains from altcoins are a Yearn.finance (YFI) price increase by 35% a new record of $ 77,041 and a 20% rally in the reef price (REEF) to an intraday high of $ 0.508.

The total market cap for cryptocurrencies is currently $ 2.449 trillion, and Bitcoin’s dominance rate is 42.8%.

The views and opinions expressed are those of the author only and do not necessarily reflect the views of Cointelegraph. Every investment and trade movement involves risk. You must do your own research when making a decision.

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