In the recent times, price rise of DOGE, SHIB gave hopes of a memecoin rally amid a bearish environment. While SHIB took a sudden spike in last few days, DOGE rose steadily over a week’s time. As the market continues to experience turbulent times, a memecoin season could prove to be the much needed push. In line with this, even Bitcoin saw a short rally over the last one month.
However, chances are that the ongoing Bitcoin rally is just a brief aberration. Experts believe the next few months could see Bitcoin take a significant fall in price. In this context, certain influencers believe a memecoin rally could pan out well for crypto investors. The community is also anticipating the Ethereum Merge scheduled for September 15. Many believe the network upgrade could be a catalyst for the current bear market cycle.
Memecoin Rally Very Soon?
Dogecoin (DOGE) price took a jump recently thanks to the launch of Dogechain. The new blockchain platform comes across as a layer 2 for Dogecoin. It gives DOGE users access to DeFi, opening up potential for use cases. With the new platform receiving great interest from users, there was a spike in the token price. Since its launch last week, the platform saw huge wallet addresses coming. There were also huge total transactions in a short time.
“Dogecoin is about to spark a crazy meme coin season like nothing we have ever seen before.”
SHIB’s Sudden Spike
Meanwhile, Shiba Inu (SHIB) saw a sudden rise in price in the space of hours. Showing a 37% increase in market cap, the valuation took a jump from $6.97 billion on August 14 to $9.55 billion next day. This makes it even more speculative about a possible memecoin rally in the near future. As of writing, SHIB is trading at $0.00001423, down 7.62% in the last 24 hours, according to CoinMarketCap. Whereas Dogecoin (DOGE) price stands at $0.07805, down 5.86% in the last 24 hours.
Anvesh reports major developments around crypto adoption and price analysis. Having been associated with crypto since 2016, he is now a strong advocate of decentralized technologies. Follow Anvesh on Twitter at @AnveshReddyBTC and reach him out at [email protected]
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.