- Meme tokens Dogecoin and Shiba Inu have seen a nearly 10% addition to their prices in the past 24 hours.
- Reports suggest a new video call feature integration announcement on X could have spurred the rally.
- DOGE and SHIB have added a cumulative $1.2 billion in trade volume, up from $350 million on Monday.
Alongside a wider crypto market resurgence, meme coins Dogecoin and Shiba Inu have added impressive gains to their prices in the last 24 hours. CoinMarketCap data shows DOGE has added a nearly 10% gain, while SHIB has seen an 8% surge in prices during that period. The recent rise suggests that crypto traders have turned attention to two tokens amidst other factors.
Unlike Bitcoin, spurred on by rumors of a possible ETF approval in the US, the two tokens do not seem to have a stimulating catalyst behind their upward rally. However, many in crypto circles suggest that recent developments on X could have fueled the rise.
Notably, the social media platform on Thursday announced a video calling feature for premium users. Although DOGE and the feature on X have no clear ties, many people in the crypto community frequently make this type of connection — especially since Elon Musk took control.
The billionaire owner has in the past made public his interest in Dogecoin. Earlier in April, X changed its logo to that of Doge, raising speculations of a possible integration of DOGE as a payment option. Likewise, during the 2021 bull rally, Musk, at different times, spurred massive DOGE bull runs from his tweets.
Since the start of what was potentially a memorable week for the crypto market, DOGE and SHIB trade volume has soared from a cumulative $350 million on Monday to $1.2 billion in Thursday’s trading session. Likewise, open interest in the tokens has spiked by over 50%, suggesting that crypto traders expect the tokens to see more volatility in the near term.
However, given the volatile nature of the meme coin, on-chain data show the tokens have underperformed. DOGE and SHIB, which are the largest meme networks by market cap, have added just 15% to their prices in the past 7 days.
Meanwhile, blockchain analytics platform Santiment noted last December that Bitcoin and other major tokens often see a spike in their prices whenever DOGE and SHIB rally. However, the report also stated that what often follows is a wider market sell-off.
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