On Monday, two major meme coins have demonstrated significant price rise, here’s how Bloomberg explains it
Today, the two largest Dogecoin coins – Dogecoin and Shiba Inu – jumped 11% and 33%, respectively. Bloomberg shares three possible reasons for allowing this price hike to happen.
Three reasons for DOGE and SHIB’s spike
Dogecoin today demonstrated a rise by 11.82%, while Shiba Inu, its rival by market cap, saw its price increase by 33.4%. This happened as Ethereum chain is coming close to the date announced by Vitalik Buterin last week — the day on which the long-expected Merge upgrade is likely to take place, Sept. 15, a month out from today.
Overall, according to data shared by Bloomberg, Doge is up 14% over the past week, in line with today’s major increase, and SHIB is up almost 40% over the same time period. Meanwhile, Ethereum itself is not moving up much, and its price has so far remained in the $1,830 area after briefly managing to break above $2,000 on Saturday.
The second reason for the rise, especially that of SHIB, is the return of retail interest. As covered by U.Today earlier, Santiment shared that during the weekend it had spotted increased activity on SHIB transactions.
The amount of value transferred by whales in SHIB equates to over $100,000, which is approximately 1,089,692,794 Mem tokens. Over the weekend, as reported by WhaleStats data aggregator, the top 100 whales on Ethereum bought $57 million worth of SHIB, briefly pushing Mem Coin to the No. 1 spot on the list of top 10 assets held in their wallets.
Cryptocurrency market cap back above $1 trillion
The third reason suggested by Bloomberg is the overall growth of cryptocurrency market capitalization value, back to the $1.2 trillion level after it had dropped $875 billion by July 19.
So far, SHIB is trading at $875 billion and has managed to reach the 12th position on CoinMarketCap. Dogecoin is changing hands at $0.07614, still ranked 10th.
