CRYPTO

Is Dogecoin ready to follow SHIB 400% breakout?


Meme Coin was the first breakout star at the start of this year’s bull race, and big names like Elon Musk and Mark Cuban helped raise the price of DOGE. The success of DOGE has finally led to the huge litter of dog-themed offshots that now make meme coin packs.

This pack has been re-launched after SHIB saw a three-digit breakout this week and the DOGE seems ready to go even higher. Bitcoin (BTC) seems to have started the move to suddenly move above 55 55,000, and even though the price has fallen to test the underlying support, meme-tokens are still burning a bullish signal.

In addition to the recent breakout of Bitcoin and protocol-specific announcements, the rally on meme coins seems to have begun after Elon Musk tweeted a picture of a Shiva Inu puppy.

Shiva Inu expands his ecosystem

According to CoinGecko among the top 5 meme coins, SHIB has been the best performer last week, with prices rising 400% from a low of 4 0.00000700 on October 4 to a multi-month high of $ 0.0003529 in October.

Top-5 meme coins in terms of market capitalization. Source: CoinGecko

The price of SHIBs increases when the ecosystem behind tokens expands to include Shiva-exchange exchanges, which demand lower exchange fees than Uniswap and provide multiple ways for token holders to earn through liquidity or stacking.

SHIB also benefits from being one of the few meme tokens listed on multiple major cryptocurrency exchanges, including CHIBase and Binance, which provide ample liquidity and trading volume for traders interested in SHIB.

The Shiva Inu community is also showing growing interest in the upcoming introduction of the Shiboshi NFT protocol.

Related: Doug’s co-founder is focused on mass adoption at the Ethereum Bridge and NFTs

Dogecoin is ready for a breakout

SHIB may have gained the largest percentage, but the top dog in the DOGE pack remains with a far-reaching reach and market cap of $ 33.26 billion.

Data from VORTECS C Cointelegraph Markets Pro began to identify a bullish outlook for the DOGE from 1 October before the recent price increase.

The VORTECS ™ score, exclusive to Cointelegraph, is an algorithmic comparison of historical and current market conditions obtained from a combination of data points, including market attitudes, trading volume, recent price movements, and Twitter activity.

VORTECS ™ Score (green) vs. DOGE price. Source: Cointelegraph Markets Pro

As seen in the chart above, the VORTECS ™ score for DOGE has risen in the green zone and reached a high of 1 October 74 about 61 hours before the price rose 26.7% in the next two days.

The opinions and opinions expressed here do not necessarily reflect the views of the author and Cointelegraph.com. With every investment and trading move involving risk, you should conduct your own research when making decisions.