Amid a wild ride for the majority of assets in the cryptocurrency sector this week that has seen Bitcoin (BTC) soar above the critical price level at $62,000, dog-themed meme crypto assets Shiba Inu (SHIB) and Dogecoin (DOGE) are recording double-digit advances.
Indeed, the overall optimism in the crypto industry, which has pushed its total market capitalization to $2.34 trillion, has not only assisted in the flagship decentralized finance (DeFi) asset’s rally but has also led the two meme coins to advance over 25%, alongside other positive developments.
Total crypto market cap 12-month chart. Source: CoinMarketCap
Shiba Inu 24-hour price chart. Source: Finbold
Indeed, SHIB’s current price also represents a gain of 43.40% across the previous seven days, in addition to advancing 48.40% in the last month, as its market capitalization soared by a whopping $1.46 billion in a single day to the current $7.95 billion.
Shiba Inu market cap 24-hour chart. Source: CoinMarketCap
Aside from the general upturn in the cryptoverse, Shiba Inu’s gains are coinciding with the SHIB team introducing a new privacy-enhancing tool known as Fully Homomorphic Encryption (FHE), which facilitates full on-chain data protection to members of the community.
Our latest partnershib is a BIG one. Pay close attention to why Encryption and Privacy are important to the Shib Ecosystem and state! ????#SHIB #Zama #FHE https://t.co/ZFoJaRJpJE
— Shytoshi Kusama™ (@ShytoshiKusama) February 28, 2024Dogecoin price analysis
At the same time, the favorite crypto of Tesla (NASDAQ: TSLA) CEO Elon Musk, Dogecoin, has recorded an even more impressive daily gain of 30.38%, during which its price went from $0.09935 to surpassing a critical resistance at $0.10 and ending up at $0.12953 at the time of publication.
Dogecoin 24-hour price chart. Source: Finbold
Additionally, the above price indicates a massive weekly advance of 52.87% for the popular puppy-themed crypto, adding up to the 58.88% gain on its monthly chart, in addition to $4.04 billion flowing into its market cap in a day, which presently amounts to $18.19 billion, as per data on February 29.
Dogecoin market cap 24-hour chart. Source: CoinMarketCap
As for the reasons for DOGE’s surge, besides the obvious bullish sentiment in the market, they may have to do with significant whale accumulation that has seen two major holders purchase 172.89 million DOGE and 103.32 million DOGE, respectively, from brokerage platform Robinhood.
? 172,893,653 #DOGE (16,598,604 USD) transferred from #Robinhood to unknown wallethttps://t.co/wYmSYwef4q
— Whale Alert (@whale_alert) February 27, 2024Conclusion
All things considered, both SHIB and DOGE have benefitted massively in the current bullish frenzy that has engulfed the larger part of the crypto market. However, things in this industry could easily change, so it is important to weigh all the risks before making any major investment decisions.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
