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• Dogecoin has seen a 27% price increase in the last week, greater than Bitcoin or Ethereum during the same time period.
• Meanwhile, Shiba Inu was up 24% this week after developers “burned” roughly 3.6 billion tokens on Saturday.

Meme coins and tokens like Dogecoin and Shiba Inu ruled much of the conversation around the crypto market boom earlier in the year, but when the market soared in May, their respective prices fell faster and faster than most of the contemporaries. However, with the market currently rebounding, these volatile assets are growing faster than many others.

price of Dogecoin has currently risen 27% in the last week, according to CoinGecko, currently priced just above $ 0.26 per coin. It was briefly the weekend, hitting $ 0.27 on Saturday, the highest price seen since late June. Compare that to a 16% increase in the value of Bitcoin even in the last 24% week for Ethereum, the latter of which was apparently enhanced by last week’s London hard fork network update launch.

Even at this level, DOGE’s price is a whopping 64% off its all-time highest price above $ 0.73 set in early May, before the entire market crashed into a crash. months. However, the price of DOGE has risen sharply since the beginning of the year, when the price was below a penny a coin before a jump in late January. Since then, the value of DOGE has grown more than 4,600%, despite the sharp decline since its peak.

However, the recent Shiba Inu resurgence has its own unique wrinkle. running ERC20 token Ethereum has only been around for a few months, so it hasn’t built up as much sentiment or long-term history as the old Dogecoin, plus it crashed even further – SHIB’s price is currently down 79% from an all-time high set in May.

Shiba Inu developers attempted to restart the token market momentum later on Saturday by burning $ 25,000 of the token – roughly SHIB 3.65 billion at the time – or withdrawing that amount from circulation to try to increase the price of the tokens. remaining. At the same time, the developers burned the same amount of USD from the attached LEASH token and launched new pooled accounts on ShibaSwap decentralized exchange (DEX).

Quickly, the price of SHIB jumped more than 25% in a few hours to $ 0.00000861 on Saturday night, the highest level seen since the beginning of July. Even at the current price of $ 0.00000775, Shiba Inu is now up 24% over the past week.

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Burning large amounts of tokens is part of SHIB’s ethics. project launched with 1 trillion SHIB tokens minted, but then the developers sent roughly half of those tokens to the wallet of Ethereum co-creator Vitalik Buterin and claimed they were ‘burned’, believing that he would never touch them.

Instead, Buterin donated around $ 1 billion from SHIB to an Indian COVID-19 relief fund in early May and burned the rest of the tokens – about $ 6.74 billion in value – causing the price of SHIB to drop roughly. 50% immediately afterwards. cryptocurrency market also crashed around this time, seemingly exacerbating SHIB’s decline and causing a huge loss in value in recent months.

It remains to be seen if these meme-inspired crypto assets sustain this latest price spike. However, holders of DOGE and SHIB who have weathered particularly harsh market declines in recent months should be very happy to see any kind of change.

Disclaimer

views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment or other advice.

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