In the recent times, price rise of DOGE, SHIB gave hopes of a memecoin rally amid a bearish environment. While SHIB took a sudden spike in last few days, DOGE rose steadily over a week’s time. As the market continues to experience turbulent times, a memecoin season could prove to be the much needed push. In line with this, even Bitcoin saw a short rally over the last one month.
However, chances are that the ongoing Bitcoin rally is just a brief aberration. Experts believe the next few months could see Bitcoin take a significant fall in price. In this context, certain influencers believe a memecoin rally could pan out well for crypto investors. The community is also anticipating the Ethereum Merge scheduled for September 15. Many believe the network upgrade could be a catalyst for the current bear market cycle.
Memecoin Rally Very Soon?
Dogecoin (DOGE) price took a jump recently thanks to the launch of Dogechain. The new blockchain platform comes across as a layer 2 for Dogecoin. It gives DOGE users access to DeFi, opening up potential for use cases. With the new platform receiving great interest from users, there was a spike in the token price. Since its launch last week, the platform saw huge wallet addresses coming. There were also huge total transactions in a short time.
“Dogecoin is about to spark a crazy meme coin season like nothing we have ever seen before.”
SHIB’s Sudden Spike
Meanwhile, Shiba Inu (SHIB) saw a sudden rise in price in the space of hours. Showing a 37% increase in market cap, the valuation took a jump from $6.97 billion on August 14 to $9.55 billion next day. This makes it even more speculative about a possible memecoin rally in near future. As of writing, SHIB is trading at $0.00001423, down 7.62% in the last 24 hours, according to CoinMarketCap. Whereas Dogecoin (DOGE) price stands at $0.07805, down 5.86% in the last 24 hours.
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