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Meme Coins On Their Way To Skyrocket Again

22 July 2022 13:38, UTC
Nick James

Dogecoin had a strong year in the cryptocurrency market in 2021, reaching a high in May before dropping in the months that followed. Despite this, the creators of Dogecoin are eager to build new use-cases in order to raise the coin's perceived worth. Similar to Dogecoin, Shiba Inu, which is the successor of it, had a good year as well in 2021. However, then we had the crypto market crash, which made every digital asset decrease in value.

Memecoins were not exceptions – the first half of 2022 was a hard period for all cryptocurrencies. However, in June, when Elon Musk made a comment on the Qatar Economic Forum in Doha and said that he supports Doge, the price of meme coins started to skyrocket. Since then both Shiba and Dogecoin continue to increase in value. Let’s discuss this in more detail.

Shiba Inu And Doge – Are They Rebounded?

After the statement of Elon Mask, Doge was trading at $0.06751. With an $8.9 billion market valuation, it is the tenth largest cryptocurrency.

$0.00001048 was the closing price of Shiba Inu. At a value of $5.7 billion, the ERC-20 token (a cryptocurrency that operates on the Ethereum network) is the opponent of Dogecoin. Bitcoin, the most popular cryptocurrency, momentarily surpassed the psychological barrier of $20,000 in the late hours of July 4.

As the global crypto market value soared again beyond the $850 billion level, market optimism was temporarily sparked. However, the worldwide crypto market value was at $886.75 billion, with a 1.40 percent fall over the prior day, due to the bigger acquisitions and mergers after short-term increases. As a result of the volatility of the market many crypto investors, especially novices, decided to use AI software tools like Bit Index AI, which allow them to get the most out of their crypto trading process. This can be achieved with the help of AI, which helps the customers to generate a relevant strategy and make more rational moves, based on the market analysis.

The price of Dogecoin soared more than 8,600 percent between January and May of 2021. Social media and high-profile endorsements like Elon Musk, Snoop Dogg, and Mark Cuban were major factors in the success of the campaign. At $0.7376 on May 8th, 2021, DOGE would have had a market value of more than $70 billion. Since then the Doge, even though it has seen some changes in value, didn’t increase a lot. For example, Santiment, a blockchain monitoring tool, reported on July 1 that network activity for DOGE and SHIB had increased significantly over the previous few weeks, but even though, the pricing doesn't appear good.

Major cryptocurrencies like DOGE and SHIB enjoyed short-term gains when the Fourth of July weekend came to a conclusion. Despite the recent surge in network activity, according to statistics from Cointrendz, Dogecoin was not among the most popular currencies on Twitter on July 6. Even though the Doge has seen a comparatively big increase in value, because of the BTC’s price diplater, the cryptocurrency started to decrease in the price level since July 6.

The daily charts of DOGE and SHIB both showed rises, at the time of writing, SHIB was the one with the bigger gains. As of the time of this writing, the price of Shiba Inu has increased by 0.62% to $0.00001027.

What Will Be In The Future? – What Do Analysts Say?

In 2013, a joke came up with the concept of Dogecoin. Its designers felt that the crypto sector was taking itself much too seriously, so they came up with an asset based on a joke about dogs. The fact that Dogecoin has been operating for seven years longer than Shiba Inu, gives it an edge over Shiba Inu.

There's little doubt that Dogecoin's first-mover advantage can't be overlooked. Over 1,000 shops accept the original meme currency, compared to Shiba's roughly 100. Elon Musk has also lent his support to Dogecoin, calling it "the people's crypto."

Retail and high-net-worth investors alike embrace Dogecoin, which should not be underestimated. When used as a means of exchange, Dogecoin is at its "strongest," according to a CNBC article. To back up his claim, Cuban began taking DOGE as payment for Dallas Mavericks products, which resulted in a significant increase in sales.

Dogecoin's long-term viability depends on these cases, since speculation and retail purchasing alone will not be enough to keep prices high. Dallas Mavericks and Tesla's adoption of DOGE may open the door to other firms allowing users to buy products using this crypto, resulting in an increase in demand for the currency. As a result of this, it’s most probable that the price of dogecoin will rebound and grow.

Shiba Inu is expected to reach USD0.000061 in five years, representing a 620 percent increase in value. Analysts predict that Shiba would achieve a value of $1 by 2021 if its growth pace was maintained. However, it will take five years to reach USD 1 if it increases at a monthly pace of 20% from now.