The number of people visiting Purchase Bitcoin, is increasing. It seems to suggest that crypto fans are more inclined toward Bitcoin and altcoins, rather than towards meme coins. However, it is not so, especially in recent times. The performances of these meme coins/tokens have captured the public’s imagination. They have performed well during both, the bullish, and the bearish runs.
The behavior of Meme Coins
The meme coins that garnered the attention of investors, include SHIB and DOGE. Both revealed hikes in prices, during the last month or so. It means that they were not concerned about operating in a bearish environment. Therefore, investors began to hope for the display of a meme coins rally.
The price hikes were different for both tokens. For instance, DOGE displayed a steady rise in value, covering a week. In contrast, SHIB displayed a sudden rise, in recent days.
The unexpected hike came into view within the space of just a few hours. To illustrate, SHIB was valued $6,97 billion, on August 14, 2022. The very next day, the valuation showed a spike of $9.55 billion. In terms of market capitalization, the jump was 37%.
When last observed, the coin/token was trading at $0.00001423. This was brought out in a survey by CoinMarketCap. In other words, the valuation had decreased by 7.62%. Additionally, it happened within the span of 24 hours. The sudden upswings and downswings are causing experts to speculate about a potential meme coin rally in subsequent months.
A Meme Coin Rally
A rally refers to a significant enhancement in demand. A coin/token may be in demand, thanks to the entry of large-scale investment capital into the global marketplace. In turn, the price of the concerned token/coin goes up.
The moot question is, will the meme rally eventually take place, and soon?
The speculation is reasonable. After all, the meme coins seem to have become the flavor of the month for crypto investors! Many are buying and hoarding them, as quickly as possible.
Currently, SHIB’s valuation stands at $0.00001423. It has reduced by 7.62%, all within the span of 24 hours. This is what CoinMarketCap has observed. Similarly, DOGE’s valuation has lessened by 5.86% within the span of a single day. It stands at $0.07805.
Dogechain is Useful for DOGE
The launch of Dogechain is probably responsible for the hike in DOGE’s pricing. Dogechain refers to a blockchain platform. It is new, and layer 2 for DOGE. Users may access DeFi via this platform. It also opens a gateway for use cases, soon.
Thanks to DeFi, Dogechain will be able to interact with diverse blockchains. Transactions may go through smoothly. Users favoring DOGE, will be able to access DeFi, NFTs, and games. However, Dogecoin is not the support for this blockchain platform. Instead, it is the Polygon network that provides a base for Dogechain to operate upon.
The Dogechain platform is supposed to encourage a bonding between the eagerly-awaited utility, DeFi, and DOGE. Users are welcome to bridge DOGE, for accessing wrapped DOGE. They may, then, utilize them as gas, on the Dogechain.
Admittedly, existing fans of DOGE, have expressed keen interest in the newly-launched Dogechain. In turn, the meme coin experienced a spike in pricing. Dogechain has been responsible for the huge influx of wallet addresses onto it. Even the total number of transactions across the platform has been humongous. Thus, people believe that they may witness a meme coin season, unlike anything that they have witnessed before.
The Ongoing Bitcoin Rally
The emperor of the cryptocurrency world, Bitcoin was the lone star of a rally, during the previous month. The rally is still ongoing. However, investors are not sure if it will last. They wonder if it could be a mere, and brief aberration, that will not sustain for long. After all, experts are predicting that Bitcoin could witness a drastic fall in pricing, over the next few months.
Some influencers feel that a meme coin rally might pan out, in the circumstances. Then again, people are anticipating the Ethereum Merge, which is an upgrading of the network. It is scheduled to take place on September 15, 2022. Maybe, it has triggered off the current bearish trend.