Meme coin frenzy fades as Dogecoin, and Shiba Inu drop out of top 10 cryptos
- As Dogecoin's market capitalization plunges, meme coins have dropped out of the top 10 cryptocurrencies.
- Dog-themed cryptocurrencies are being replaced by new meme coins: Hamster coin gains 75% overnight.
- Meme coin frenzy comes to an end as altcoins make a comeback in the ongoing bull run.
Analysts consider meme coins as indicators of the crypto market. A meme coin rally is indicative of an upcoming altcoin bull run. With Dogecoin dropping out of the top 10 cryptocurrencies, meme coin frenzy is likely to fade in the ongoing bull run.
Dogecoin and Shiba Inu drop out of top 10 cryptocurrencies
Dog-themed cryptocurrencies Dogecoin and Shiba Inu suffered a drop in market capitalization, falling out of the top 10 cryptocurrencies. While the popularity of DOGE and SHIB drops, Hamster coin and Shar Pie are posting double-digit gains overnight.
Hamster coin (HAM) posted nearly 70% gains overnight, while Shar Pie's (SHARPIE) price has increased 118% over the past 24 hours. Dogecoin and Shiba Inu have lost their social dominance and are being replaced by meme coins like HAM and SHARPIE that offer higher gains.
Alongside the fading meme coin frenzy, altcoins are making a comeback in the ongoing bull run.
Mati Greenspan, Founder and CEO of Quantum Economics, recently tweeted about Hamster coin's price rally.
Hamster coin up 71% after US Senator Brad Sherman suggested it could replace Dogecoin!! #LFG pic.twitter.com/57r8qNHXZt— Mati Greenspan (tweets ≠ financial advice) (@MatiGreenspan) December 9, 2021
HAM became popular after US Senator Brad Sherman mentioned the meme coin, suggesting that it could replace Dogecoin. Speculation has fueled the meme coin's price rally, and it is currently 63% away from its all-time high of $0.00000006.
As the spotlight shifts to new meme coins, dog-themed cryptocurrencies are losing their social dominance overnight.
FXStreet analysts have evaluated the Shiba Inu price trend and predicted that the meme coin is ready to resume its uptrend as it gains bullish momentum.
Analysts at FXStreet expect the Dogecoin price to bounce and make a comeback above $0.30 as it forms a triple bottom. A triple bottom is generally followed by the asset's price breaching resistance.
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