With the comprehensive recovery of the cryptocurrency market, the prices of meme dog coins and firewood have significantly increased in the past 24 hours. According to CoinMarketCap data, DOE has increased by nearly 10% during this period, while SHIB's price has increased by 8%
With the comprehensive recovery of the cryptocurrency market, the prices of meme dog coins and firewood have significantly increased in the past 24 hours. According to CoinMarketCap data, DOE has increased by nearly 10% during this period, while SHIB's price has increased by 8%. The recent rise indicates that cryptocurrency traders have shifted their attention to two types of tokens, among other factors.
Unlike Bitcoin, stimulated by rumors that the US ETF may be approved, there seems to be no catalyst behind the rise of these two types of tokens. However, many in the cryptocurrency community believe that the latest developments in X may have driven this growth.
It is worth noting that the social media platform announced on Thursday that it will provide video calling functionality for advanced users. Although there is no clear connection between the functions on DOGE and X, many people in the encrypted community often establish this type of connection - especially since Elon Musk took power.
This billionaire owner has publicly expressed his interest in dog coins in the past. In early April, X changed its logo to Doge, sparking speculation that Doge might be integrated as a payment option. Similarly, during the 2021 bull market rebound, Musk stimulated a large-scale DOGE bull market through his tweets at different times.
Since the start of a potentially unforgettable week in the cryptocurrency market, the trading volume of DOGE and SHIB has surged from a cumulative $350 million on Monday to $1.2 billion during Thursday's trading session. Similarly, the open positions of tokens have skyrocketed by over 50%, indicating that cryptocurrency traders expect tokens to experience greater volatility in the short term.
However, due to the volatility of memes, on chain data shows poor performance of tokens. DOGE and SHIB are the largest meme networks by market value, and their prices have only increased by 15% in the past 7 days.
Meanwhile, blockchain analysis platform Santiment pointed out in December last year that whenever DOGE and SHIB rise, the prices of Bitcoin and other major tokens often soar. However, the report also points out that this often leads to broader market selling.
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