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Shiba Inu and Dogecoin, the world’s two largest meme coins, have also been caught up in the renewed hype and bullish sentiment around the meme coin sector.
SHIB saw a massive breakout last week, with its price rising from $0.0000066 to today’s high of $0.0000082.
This 24% surge can be largely attributed to positive crypto market forces, rather than anything directly related to the Shiba Inu ecosystem.
Similarly, Dogecoin has rallied from $0.057 last Thursday to $0.0727 today, representing a 26% surge.
Like SHIB, DOGE has also benefited from positive sentiment in the crypto market – evidenced by the Crypto Fear & Greed Index soaring to a near two-year high.
This resurgence of interest in meme coins has helped push the overall meme coin market cap to over $16.8 billion, according to CoinMarketCap data.
As speculative hype returns to the crypto sector, meme coins seem poised to continue riding the bullish wave.