- The start of the year 2022 was pretty painful for crypto investors. After two years of constant bull run, the crypto markets started to crash.
- The meme coins specifically are showing a greater rise than the other major cryptocurrencies.
- SHIB increased from its low of $0.000008 last week to as high as $0.000011 on Sunday, while DOGE increased from its low of $5 last week to over $7.
The Recent Happenings In The Crypto Market
Dogecoin (DOGE) and Shiba Inu (SHIB) led seven-day gains as bitcoin (BTC) and other significant currencies broke through thresholds and steadied over the weekend.
As Bitcoin (BTC) and other significant currencies broke above resistance levels and steadied over the weekend, Shiba Inu (SHIB) and dogecoin (DOGE) led seven-day returns.
The start of the year 2022 was pretty painful for crypto investors. After two years of constant bull run, the crypto markets started to crash.
All the major cryptocurrencies, including bitcoin, Ethereum, and even the stablecoins such as Terra, fell into this bear market.
Finally, after the long wait, the markets have started recovering and going upwards.
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Meme Coins Ruling Over Major Coins
Although the whole market seems to recover, the meme coins specifically are showing a greater rise than the other major cryptocurrencies.
- SHIB posted returns of around 40%.
- Dogecoin’s DOGE tokens rose around 30% this year only.
Despite this, the tokens fell last night within the last 24 hours leading to SHIB losing 6% and DOGE going down 7.4%.
SHIB increased from its low of $0.000008 last week to as high as $0.000011 on Sunday, while DOGE increased from its low of $5 last week to over $7.
According to sources, this price movement resulted in millions of dollars in liquidation losses for futures tracking the two coins.
Many market analysts are warning the people to be cautious around this new market uprising due to a lot of speculative investors betting on the risky upsides.
Sebastian Ganjali, a trading developer and head of strategy at Kryll, stated that
“Traders buying meme tokens in this environment should be cautious before investing heavily in this asset class.”
Despite these predictions, some analysts claim that there are few technical and fundamental reasons behind this potential bull market, for example, the Shibarium protocol pushing the SHIB token forward.
Source: https://www.thecoinrepublic.com/2022/06/29/speculations-led-to-the-meme-coins-doge-shib-to-outperform-major-coins/