Will Meme Coins Delight Traders with Imminent Price Appreciation?

Bitcoin and other major cryptocurrencies have continued to outperform meme coins as well as stablecoins. However, the crypto community continues to speculate over whether or not tokens such as Shiba Inu (SHIB) and Dogecoin (DOGE) may disapprove of this thesis and shift the market to meme-themed tokens.

For instance, well-known cryptocurrency researchers such as Altcoin Sherpa, believe that now is the moment for such meme coins to stage a comeback.

Recently, crypto proponents have also argued that the value of meme currencies is highly subject to speculation, and is less impacted by macroeconomic factors than other leading digital assets such as Bitcoin and Ethereum.

Notably, Dogecoin and Shiba Inu have had price increases of roughly 3% and 15% respectively over the previous twenty-four hours according to data from CoinGecko. This is an interesting counterpoint to the performance of Bitcoin and Ethereum, both of which have seen gains of less than 1% over the same timeframe.

In addition to breaking the declining trend line that it had maintained for about 5 months, it is crucial to note that Shiba Inu (SHIB) has become the most preferred token among the top 100 Ethereum whales. This is according to the crypto whale tracking platform, Whalestats.

According to Coinmarketcap data, Shiba Inu (SHIB) is changing hands at $0.000012, which is an increase of 14.65% over the last 24 hours. Additionally, the market capitalization of SHIB is currently at $6.6 billion while the crypto pair has a trading volume of $761.66.

On the other hand, Dogecoin (DOGE) is trading at $0.085973 with a 24-hour trading volume of $673 million and a market cap of $11.3 billion.