Dog-themed crypto coins or meme coins, shiba inu and it performed quite well in particular for Dogecoin. However, despite this strong rise, there are also claims that the possibility of a big selling pressure has increased.
Twitter, owned by Elon Musk, has replaced the popular blue bird logo with Dogecoin’s Shiba Inu dog mascot. dogecoin (DOGE) price also witnessed various speculations after this development and recorded a great rise.
This ascent is other Shiba Inu themed meme coinIt also helped increase the ‘s many times over and the sector jumped 14% on average. Large-volume tokens such as Shiba inu (SHIB) rose as much as 10%, while small-volume tokens such as FLOKI, KISHU and BABYDOGE increased by up to 25%.
Meme coins on newer blockchains have also grown strongly, taking advantage of this trend. Some dog-themed tokens such as zkDoge and zkShib on the zkSync blockchain that went live in March have recorded gains of up to 100%.
However, such rallies are unlikely to continue in the long run, and some traders have warned that such moves are not indicative of a broader trend. Guilhem Chaumont, CEO of Flowdesk, noted the following in a Telegram message.
We do not believe that this is indicative of a long-term bull run. The opposite is much more likely to happen. There is a regular pattern of uptrends in the crypto market; First, Bitcoin is in a bull run, then the big altcoins are pumped, and finally, tokens with small market caps.
As Bitcoin is experiencing a relatively stable uptrend, the rise of meme coins will mark the third phase, the end of the cycle. However, there is no need to over-interpret such instantaneous price changes.
Cheung commented, “The sentiment towards meme coins is not new, which means that the potential for growth to decline as usual in a few days is high.” However, he also drew attention to the potential for tokens to strengthen in the coming months if the underlying features strengthen. Cheung draws attention to the importance of developments like the Shibairum.
You can follow the current price action here.