Shiba Inu | Dogecoin: No kidding! Shiba Inu and Dogecoin rally up to 40% in one day; why over here

Meme tokens Shiba Inu and Dogecoin rallied up to 40 per cent in a single day, defying the market mood. After Dogecoin received support from Tesla chief Elon Musk, the token, which has lost 90 percent of its value since the peak, remained in high demand among investors.

Dogecoin rose 13 percent to $0.06932 in the past 24 hours, thanks to yet another shock on Twitter from the Mercurial technocrat. Its arch rival and the next largest meme coin, the Shiba Inu, rose nearly 40 percent to $0.000008637 in the same period.

Recently Musk said that he will continue to support Dogecoin. His company Tesla accepts Dogecoin for goods and SpaceX may do the same.

Tarusha Mittal, COO and cofounder of Uniform said that the current bullish momentum in meme coins may not return to the bull market as there is a fear of bearishness.

Data from Coinmarketcap shows Shiba Inu volumes increased by over 425 percent in the past 24 hours, as $1.75 billion worth of SHIB coins were exchanged. Dogecoin also saw a solid jump in trading volume as they grew by 85 percent in the given period. Dogecoin worth $1.04 billion was traded during the stipulated period.

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The Shiba Inu has started to grow dramatically following a recent news announcement that the SHIB has become the second most-held asset by Ethereum whales, said Raj A Kapoor, founder of the India Blockchain Alliance, a stablecoin, Tether. leaves behind.

“As these whales begin to increase their SHIB investments, others are doing the same. SHIB is growing rapidly, but it is difficult to tell whether this increase will be a long-term trend or a short-term temporary.”

Read |  Dogecoin-killer Shiba Inu adds 30,000 new holders after burning 410.3 trillion SHIB

However, market experts have warned that this token may not be adopted much more than anything else via exchange due to the lack of real-world use cases for the Shiba Inu.

Shivam Thukral, founder and CEO of BuyUcoin, said that the Dogecoin (DOGE) rally is mostly driven by supportive tweets from Elon Musk; It is difficult to say how long this momentum will last.

Thukral said, “DOGE needs to find a real-world use case as it was originally designed as a medium of payment. The rally in the meme coin space is expected to be short-lived as it is driven by strong fundamentals.” Not inspired.”

Kapoor, on the other hand, believes that the confidence among crypto investors continues, and Shiba Inu and Dogecoin may once again break into the top-10 crypto assets.

(Disclaimer: Recommendations, suggestions, views and opinions given by experts are their own. They do not represent the views of The Economic Times)

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