Meme Coins DOGE and SHIB Witness Big Weekend Rally

Divya  |  Aug 9, 2021

Meme currencies Dogecoin (DOGE) and Shiba Inu (SHIB) posted double-digit profits over the weekend as Bitcoin (BTC) finally broke past $45,000 for the first time in three months. 

Altcoin leader Ethereum also surged past the predicted $3,000 level and reached $3,195 on Sunday. The overall cryptocurrency market capitalization hit $1.8 trillion with most of the top 100 tokens registering price gains.

DOGE and SHIB Record Double-Digit Rally Over Weekend

DOGE and SHIB emerged as the biggest winners of the recent weekend bull run after both the tokens climbed in value by double digits. 

Internet’s first meme currency, Dogecoin increased by 16%, while Shiba Inu also jumped by nearly 10.3% on Sunday. Both the digital currencies have since pulled back and shaved off some of their gains. As of press time, DOGE and SHIB have lost more than 7% of their value and are changing hands at $0.23 and $0.0000072 respectively.

Notably, Dogecoin’s recent upward swing wasn’t helped by Tesla CEO Elon Musk, who has talked up the currency on several occasions in the past with his tweets. DOGE has seen collective gains of almost 43% since Friday as it surged from $0.198 to Sunday’s peak of $0.287. It is still struggling to break the $0.30 resistance and resume the run to its all-time high of $0.74, registered on May 8.

Shiba Inu Records Combined Gains of Over 40% During Weekend

Following the footsteps of Dogecoin, Shiba Inu registered massive gains over the weekend and climbed from $0.00000613 on Friday to $0.00000888 on Sunday. Like DOGE, its combined gains over the period hovered at over 40%.

Shiba Inu has been compared with Dogecoin during several points in its lifecycle. However, developers behind SHIB have tried to differentiate their creation from big brother DOGE with the launch of other projects in the ecosystem. Last month, the platform launched its own decentralized exchange (DEX) ShibaSwap, which surpassed $1 billion in TVL within 24 hours and consequently raised gas prices on the Ethereum network.

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