Will Dogecoin Follow SHIB's 400% Gain?

The meme token was some of the first stars to explode at the start of this year's bull run, with big-name influencers like Elon Musk and Mark Cuban helping spur a surge in the price of Dogecoin (DOGE). Dogecoin’s success eventually spawned a plethora of dog-themed spinoffs that are now flooding meme token packs.

The group is out again this week after Shiba Inu (SHIB) posted a triple-digit breakout, with Dogecoin looking poised to head higher. Bitcoin’s (BTC) sudden move above the $55,000 level appears to have kickstarted the move, with the meme token flashing bullish signals even as prices head lower to test fundamental support.

Aside from Bitcoin’s recent breakout and specific protocol announcements, the rise in meme tokens appears to have started after Elon Musk tweeted a picture of a Shiba Inu.

SHIB expands its ecosystem

According to data from CoinGecko, among the top 5 meme tokens, Shiba Inu (SHIB) was the best performer over the past week as its price surged 400% from a low of $0.00000700 on Oct. $0.0003529 on March 6, a multi-month high.

While the price of SHIB has soared, the ecosystem behind the token has expanded to include the ShibaSwap exchange, which claims to offer lower exchange fees than Uniswap and offers multiple ways for token holders to exchange funds by providing liquidity. Sex or pledge to earn income.

SHIB also benefits from being one of the few meme tokens listed on multiple major cryptocurrency exchanges, including Coinbase and Binance, which provides ample liquidity and volume for traders interested in SHIB .

The Shiba Inu community is also showing increased interest in the protocol's upcoming Shiboshi NFT.

Dogecoin Poised to Breakout

SHIB may have made the biggest percentage gains, but Dogecoin is still the leader of the group of coins with the most influence, with a market cap of $33.26 billion.

Prior to the recent price increase, Cointelegraph Markets Pro’s VORTECS™ data detected a bullish outlook for DOGE from October 1.

Cointelegraph's exclusive VORTECS™ score is an algorithmic comparison of historical and current market conditions, with data points including market sentiment, trading volume, recent price movement, and Twitter activity.