• Shiba Inu [SHIB] and Dogecoin [DOGE] were the only two cryptos among the top 20 that registered near-double-digit growth in the last seven days.
• Positive sentiment around SHIB and DOGE went up, thanks to the price uptrend. Bone ShibaSwap [BONE] also registered promising growth.
• A look at DOGE’s daily chart gave hope for better days, as several indicators were bullish.
Why Shiba Inu and Dogecoin are Decoupling from the Market
Positive Sentiment Around Memecoin Pairs
While most cryptos continue to bleed, SHIB and DOGE registered promising price gains over the last seven days. Positive sentiment around SHIB and DOGE went up, thanks to the price uptrend. BONE price also increased in double digits but PEPE was left out.
Shiba Inu & Dogecoin Perform Well
Shiba Inu [SHIB] and Dogecoin [DOGE] were the only two cryptos among the top 20 that registered near-double-digit growth in the last seven days. Not only these two, but Bone ShibaSwap [BONE] also registered promising growth, allowing it to once again enter the top 100 club. Though Pepe [PEPE], yet another popular memecoin, was struggling to maintain its price.
Indicators Suggest Bullish Price Action
At press time, both SHIB and DOGE’s daily charts were green and were trading at $0.000008552 and $0.08016 respectively. Meanwhile, positive sentiment continued to rise due to increasing exchange outflows for BONE as well as a bullish crossover on DOGEs daily chart with several indicators pointing towards a bull run ahead of Shibarium’s mainnet launch date in August 2023.
Memecoins Gaining Popularity Among Crypto Investors
Crypto investors have been increasingly interested in investing in memecoins due their low prices compared to other larger cap coins which can lead to greater returns when they go up drastically like we saw with SHIB & DOGE recently . This is why many people believe that investing into memecoins could be potentially lucrative even though there is no guarantee given their volatility .
Overall , it appears that while most major cryptocurrencies continue to suffer during this bear market , memecoins such as Shiba Inu , Dogecoin & Bone are decoupling from this trend by registering impressive gains due to increased investor interests . While there is no certain way of predicting what will happen next , it is safe to say that these coins are experiencing a surge in popularity which could lead them achieve greater heights if things go according their plan .