The current year has definitely seen an insurgence of meme coins like Dogecoin, that have broken out spectacularly with the help of a bull run. They have also been assisted by big-name influences speaking on their behalf like Elon Musk and Mark Cuban, which has helped increase the price of DOGE.
The success of this meme currency has also led to the increase in a massive litter of offshoots that are interestingly dog-themed that have now populated the entire meme coin pack. Currently, Shiba Inu is leading the pack as it saw a breakout in triple-digits, and the original meme currency, DOGE, is all set to look higher.
Dogecoin Following Shiba Inu’s Example
The recent price increase of Bitcoin to go above a price of $55,000 has already kickstarted the entire exodus, and despite the price moving much lower than expected to test the support beneath, most of the meme currencies like Dogecoin have been pushing through bullish signals. Along with the recent breakout of Bitcoin and announcements which were strictly protocol-specific, the meme coins rally has also picked up pace after Elon Musk went on to upload a picture of his Shiba Inu puppy.
As reported by CoinGecko, Shiba Inu has definitely notched the largest percentage gain, but that doesn’t imply that it has been able to displace Dogecoin. DOGE is still the top dog of the meme pack with a reach beyond every other meme currency and a market cap that stands at a whopping $33.26 billion. Cointelegraph Markets Pro has also been able to determine a bullish outlook that would be encompassing this meme currency- something that has already been shadowing the currency since the 1st of October.
The VORTECs score for Dogecoin highlighted its ascension into the famed green zone, after which it hit a high of 74 on the 1st of October, around 61 hours after the price increased.