The momentum of the broader cryptocurrency market appears to be on the upswing this week after the bulls pushed Bitcoin price to $ 46,700 and Ether price to $ 3,150 on August 9th.
Growing optimism has also been reflected in a surge in dog-themed meme coins such as Dogecoin (DOGE) and Shiba Inu (SHIB), whose prices have risen by more than 55% in the past three weeks.
Dog-themed meme coins caught fire earlier this year after Dogecoin became the altcoin of choice for influencers like Elon Musk and Mark Cuban. Ethereum (ETH) co-founder Vitalik Buterin further rocked the boat on May 14 when he liquidated trillions from SHIB and donated the proceeds to charity.
At the time, investors took this as further bullish confirmation, but both projects have been off since the Bitcoin-led market crash on Jan.
Dogecoin leads the pack
Dogecoin trend reversal began on July 20, the same day Bitcoin price bottomed at $ 29,500 when DOGE’s price hit a low of $ 0.16 before correcting its course and going up .
Data from Cointelegraph Markets Pro and TradingView show that Doge’s price rose 78% from a low of $ 0.159 on July 20th to a swing high of $ 0.284 on August 8th as the 24-hour trading volume increased Rose $ 9.3 billion.
Dogecoin began rebounding on July 21 after an announcement from Coinbase Commerce that DOGE could now be used for payments.
Related: Oscar Mayer is auctioning off single packs of “Hot DOGE” Viennese
Shiba Inu developers are implementing a token burn
Shiba Inu’s rebound also began on July 20 after SHIB fell to a low of $ 0.0000057 amid the market-wide sell-off.
In the three weeks since the price bottomed, SHIB has seen its 24-hour trading volume tripling, followed by a price rally of 56% to the weekly high of $ 0.00000888 on August 8th.
The price spike came after developers announced that a new burning mechanism would be launched with new listings on the ShibaSwap exchange. The Burns tokens aim to reduce the circulating supply of SHIB and the “Doge Killer” (LEASH) token of the protocol.
NEW PAIRS ADDED + BURN !!!!
The Shiba community asked for a BURN and #ShibaSwap DEVs listened and delivered!
As part of the new listing plans, they have implemented a burn process to reduce the supply of $ SHIB and $ LEASH. pic.twitter.com/lfooX0S00D
– Shib (@Shibtoken) August 7, 2021
In connection with the listing of Perlin (PERL) and Ryoshi tokens (RYO) on ShibaSwap, SHIB and LEASH worth USD 25,000 were burned.
According to the Shiba Inu website, the current supply of LEASH in circulation is 107,646 tokens while the estimated supply of SHIB is 394.8 billion.
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