Is Dogecoin Ready To Follow Shiba Inu (SHIB) 400% Breakout?

The “Meme-Coins” or Meme-Coins got a lot of the attention during the bull run earlier in the year. and influencers like Elon Musk and Mark Cuban have helped drive the price of Dogecoin (DOGE). DOGE’s success has spawned a large number of dog-themed projects that are now part of the meme coin herd.

This week the herd is on the rise again afterwards Shiba Inu (SHIB) You are seeing a triple digit breakout and DOGE appears ready to follow suit. Bitcoin’s (BTC) sudden move above the USD 55,000 level appears to have started the trend, and even as the price moves down to test lower support levels, the meme tokens continue to show signs.

Aside from the recent Bitcoin appreciation and protocol-specific announcements, the meme currency rally appears to have started after Elon Musk tweeted a photo of his Shiba Inu pup.

Shiba Inu is expanding its ecosystem

Is Dogecoin Ready To Follow Shiba Inu (SHIB) 400% Breakout?
Is Dogecoin Ready To Follow Shiba Inu (SHIB) 400% Breakout?

According to CoinGecko, Shiba Inu (SHIB) performed the best of the top 5 meme coins last week with an increase of 400%. from a low of $ 0.00000700 on October 4th to a multi-month high of $ 0.0003529 on October 6th.

The top 5 memes coins by market capitalization. Source: CoinGecko

The SHIB price increase comes after the ecosystem behind the token has expanded to include the exchange ShibaSwap, which claims to offer lower commissions than Uniswap and multiple ways for token holders to generate passive income through providing liquidity or staking.

SHIB also benefits from being one of the few meme tokens listed on several of the largest cryptocurrency exchanges in the market, including Coinbase and Binance, lor that it offers ample liquidity and trading volume to traders interested in the token.

The Shiba Inu community has also shown a growing interest in the upcoming introduction of the NFT protocol. “Shiboshi”.

Dogecoin is preparing for an outbreak

Although SHIB has the highest percentage increase, DOGE remains the alpha with the largest reach and a market cap of $ 33.26 billion.

VORTECS data from Cointelegraph Markets Pro began to see a bullish outlook for DOGE on October 1 ahead of the recent price hike.

The VORTECSâ ?? -Score, exclusive to Cointelegraph, is an algorithmic comparison of historical and current market conditions derived from a combination of data points such as market sentiment, trading volume, recent price movements and activity on Twitter.

VORTECSâ ?? ¢ -Score (green) compared to the DOGE price. Source: Cointelegraph Markets Pro

As can be seen in the graph above, DOGE’s VORTECS score climbed into the green, hitting a high of 74 on October 1, about 61 hours before the price rose 26.7% over the next two days.

The views and opinions expressed are those of the author only and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you will need to do your own research when making a decision.

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