Technology

Meme cryptocurrencies record growth for four weeks in a row

The “meme” cryptocurrencies Shiba inu (SHIB) and Dogecoin (DOGE) performed better in the market. In particular, SHIB is ranked third among the top 100 crypto assets by market capitalization over the past week.

AdobeStock/Samuel.

SHIB is currently trading at $0.001569, up 0.4% in the last 24 hours and up 30% in the last week. DOGE is trading at $0.075, down 4% on the day but up 10.5% on the week.

Since its all-time high in October last year, SHIB has remained down about 82%, while DOGE has fallen nearly 90% from its all-time high in May 2021.

However, during the previous four weeks, SHIB has shown consistent growth – this is the longest winning streak since September and October 2021.

7-day SHIB price dynamics. coingecko.com

Meanwhile, the previous week also marks the fourth straight week of DOGE gains, the first such streak since April. And while the price trajectories of meme-currencies are hard to explain, one reason for the hype around DOGE has to do with its use as a form of payment by Elon Musk’s Boring Company at a transit station that recently opened in Las Vegas.

DOGE price change in 7 days. coingecko.com

For SHIB, this significant surge is related to the imminent launch of a Tier 2 solution for the Shiba Inu ecosystem known as Shibarium.

The Shibarium Public Beta Network is expected to go live later this quarter. At the same time, the creation of a special metaverse and ecosystem of non-fungible shiba inu tokens (NFTs) is planned for the fourth quarter of 2022.

Part of this project is a game called Shiba Eternity which, according to the screenshots posted on Twitter, is an online card game similar to popular money making games like Axie Infinity (AXS).

SHIB lead developer Shitoshi Kusama previously stated that the launch of a decentralized stablecoin known as SHI was planned as part of the development of this growing ecosystem.

According to Hayden Hughes, CEO of the social trading platform Alpha Impact, profits from cryptocurrency memes show that ordinary retail investors are once again attracting the cryptocurrency market.

“Dogecoin and Shiba Inu hit significant lows over the weekend, which is clear evidence that the retail investor is back,” Hughes said in a Bloomberg comment on Monday.

Twitter accounts associated with the Shiba Inu community were in a celebratory mood over the weekend, celebrating the fact that SHIB has reportedly surpassed DOGE in market capitalization.

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