Meme Tokens Experience Price Injection Over the Last 24 Hours

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  • Meme coins have gained more than 15% in price over the last 24 hours.
  • SHIB rose as much as 30%, while DOGE posted 15% gains.
  • BTC also experienced a gain over the same period.

Dogecoin (DOGE) and Shiba Inu (SHIB), the top two meme coins in the cryptocurrency space, witnessed over 15% gains in price over the past 24 hours as risk-on behavior made a return to the cryptocurrency market.

The rally in the meme coins’ prices came after the native token of Ethereum, ether (ETH), broke the $2,000 level on Sunday night ahead of the upcoming Merge event. Notably, the Merge is slated for September.

SHIB’s price rose as much as 30%, while DOGE gained around 15% before a reversal in trend during a profit-taking session in the European morning hours.

The recent price movements have seen DOGE enter the top 10 cryptocurrencies by market capitalization, according to CoinMarketCap. As things stand, DOGE’s market cap is approximately more than $10 billion, placing the token ahead of Polkadot (DOT) in this regard.

4-hour chart for DOGE (Source: CoinMarketCap)

The 4-hour chart seen above shows how DOGE’s price climbed in rapid succession before peaking at around $0.085, where a selloff was then ignited. This takes its price down to its current level of $0.07530.

4-hour chart for SHIB (Source: CoinMarketCap)

Similar to the chart for DOGE/USDT, the 4-hour chart for SHIB/USDT shows how SHIB’s price made an impulse for multiple candles before meeting resistance at $0.000018. This ultimately led to a trend reversal in DOGE’s price movement.

At the time of writing, SHIB changes hand at $0.00001572 after an approximate 1.50% gain in the last 24 hours.

The market leader, Bitcoin (BTC), also saw its price increase to more than $25,000 for the first time since June this year.

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