Meme-inspired digital currencies, in particular Shiba Inu (SHIB) and Dogecoin (DOGE), have seen considerable price increases in recent crypto market moves.
These well-known “meme coins” have unexpectedly deviated from Bitcoin (BTC) and the larger altcoin market during the past four hours.
According to a research by Santiment, this pattern is unusual, and the data insights provider speculates that there may be historical precedent for such a tendency.
The whole bitcoin market has performed unevenly during the same time period. The price of Bitcoin, the most popular cryptocurrency, has been quite constant recently, hovering around $29,300.
The price of Ethereum (ETH), the second-largest cryptocurrency by market capitalization, has increased slightly and is at $1,849.
Shiba Inu (SHIB) stands out among meme currencies, recording a growth of about 10% over the previous seven days despite recent hourly drops.
Both sides of the crypto discussion can use the most recent trend as argument material. Optimists see the rise of meme currencies as evidence of the variety of development paths present in the digital currency world, arguing that not all coins follow the trends of market leaders like Bitcoin. On the other hand, detractors contend that such erratic increases, particularly in meme-based tokens, demonstrate the speculative character of the cryptocurrency market and highlight the importance of investor prudence.
Notably, the meme coin rise occurred after the volatility of Bitcoin fell to record lows, with the biggest cryptocurrency unable to advance over the $30,000 level.
