Published
1 year ago on
August 16, 2022
According to data from CoinGecko, The crypto market has shown signs of recovery, with its total market capitalization at around $1.2 trillion, dropping to around $875 billion as of June 19. Thanks to lower-than-expected inflation prints out of the US last week, which boosted hopes that the Federal Reserve might be able to ease off its rate hikes, helping riskier assets like crypto enter the green territory.
On the back of this news, dog-themed meme coins jumped on Monday amid broader retail-investor enthusiasm in the market, mainly as Ethereum (ETH) works toward its much-anticipated software upgrade. In today's editorial, I will look into factors that triggered the growth of two of the most popular meme coins and see if an upcoming Revolutux project can keep up with the rest of the crypto flock. Let's dive in.
Shiba Inu Could Soar By 50%
Shiba Inu (SHIB) has gained almost 40%, as per data from Bloomberg. The meme coin is holding its gains even as Bitcoin (BTC) fluctuates around $25,000 and Ethereum hovers at about $2,000 amid optimism around its upgrade, known as Merge, now expected around Sept. 15. Shiba Inu has broken out over the weekend, which is clear evidence that the retail investor is back, meaning there is an optimism that the coin will follow Ethereum as it travels north after upgrades are completed.
Although Shiba Inu's 27% intraday price rally on Aug. 14 had no visible catalysts except a metric showing that SHIB's burn rate surged by 825% in a single day. Additionally, the Shiba Inu rally came almost ten days after Binance announced to add SHIB support on its payment cards issued in Europe. This move is believed to raise SHIB's potential to find new users in the emerging European cryptocurrency markets. All in all, the future of Shiba Inu looks promising, foreshadowing more spikes as we approach September.
DogeCoin Is Back In Top 10 Cryptos By Market Cap
