The reason why memecoins Dogecoin & Shiba Inu surged this week! The two memecoins have become the center of attention as they rally and surge in price and trading volume the past week.
Memecoins’ Sudden Surge
The two dog-related memecoins Shiba Inu coin and Dogecoin have been seeing massive gains these past few days, with Shiba Inu coin soaring by almost 30% within a week.
Shiba Inu Coin ($SHIB) was even able to overtake Avalanche ($AVAX) as the worlds 12th most valuable cryptocurrency. Dogecoin ($DOGE) also saw a big increase this past week, rising by up to 14%, now trading at a price of $0.08 for the first time since June.
— Crypto General (@DaCryptoGeneral) August 14, 2022
Many in the community are claiming that with these two memecoin’s sudden rise, they may become the leaders in starting the rise of altcoins this year.
Reason For The Surge
For $SHIB specifically, one of the biggest reasons why the coin has gained so much over the weekend could possibly because of the buzz surrounding the upcoming Shiba Inu Coin-focused online game, Shiba Eternity.
With users in Vietnam receiving early access for testing the game and posting their experience online, this has caused a lot of enthusiasm and excitement within the $SHIB community, thus rising the coin’s trading volume dramatically.
Others in the community have argued that the reason why both the memecoins have risen in value so much these days could also possibly be due to the hype surrounding the upcoming Ethereum merge in September.
With the Ethereum merge coming up, many coins including Bitcoin, Polkadot, Cardano and many others have been seen to surge, because of this, it could be that Dogecoin and Shiba Inu coin were no exceptions to the big crypto market rally this month.