Investing.com | Editor Rachael Rajan
Published Oct 27, 2023 08:36
Meme-based cryptocurrencies Dogecoin (DOGE) and Shiba Inu (SHIB) experienced a 9% surge on Thursday, reflecting a trend towards riskier crypto trades in the midst of Bitcoin’s market dominance. The rally coincided with the introduction of video and audio calling features for premium users by social media platform X, previously known as Twitter, which has fueled speculation about the potential acceptance of DOGE as a payment option.
Elon Musk, CEO of X, has been a notable proponent of DOGE, even featuring it in a segment on Saturday Night Live. This support was echoed by DogeDesigner (@cb_doge) who tweeted in favor of X’s new feature. Following these developments, trading volumes for DOGE and SHIB soared to $1.2 billion on Thursday, up from $350 million on Monday, accompanied by a 50% uptick in futures open interest.
The current bull run in the crypto market has seen a broad surge in coin values, prompted by traders betting on riskier assets like Bitcoin following its recent market dominance and extended consolidation period. Major cryptocurrencies like Bitcoin and Ethereum have been vying for supremacy in the crypto space, with Bitcoin’s price increasing by 30% due to growing interest in spot Bitcoin exchange-traded funds (ETFs). This rise has also impacted Ethereum, Solana, and XRP, which collectively recorded a gain of 40%.
However, DOGE and SHIB have underperformed relative to these major cryptos, achieving only a 15% increase over the same period. Despite this disparity, there is evidence to suggest that surges in DOGE’s price often precede a market-wide crash. According to blockchain analyst firm Santiment, there have been eight instances where a rapid rise in DOGE’s price marked Bitcoin’s local top. This pattern was seen when Musk briefly changed Twitter’s logo to the Dogecoin logo following his $44 billion acquisition of the platform, which triggered a 37% DOGE rally.
At present, Dogecoin is priced at $0.066744 (DOGE/USD) with a market worth of $9.45 billion USD, while Shiba Inu’s market value stands at $4.71 billion USD, with a live price of $0.000008 (SHIB/USD). The global crypto market valuation sits at $1.25 trillion, with Bitcoin holding a 53.17% dominance.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.
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Written By: Investing.com
