Dogelon Mars, Shiba Inu and Dogecoin take the lead as Bitcoin consolidates

0
55

Canine-themed meme tokens like ELON, SHIB and DOGE have taken control of the market while Bitcoin consolidates below $57,000 and Ethereum holds above the $4,000 mark.

Cryptocurrency traders awoke to an altcoin bonanza as a handful of meme tokens, along with some of the more established projects, staged double-digit rallies while Bitcoin (bit-cointalk.com/bitcoin-price-index” data-amp=”https://cointelegraph-com.cdn.ampproject.org/c/s/bit-cointalk.com/bitcoin-price-index”>BTC) price slowly recovers to the $57,000 level. 

The biggest event generating conversations across the crypto sector and social media is the rise of dog-themed tokens inspired by the recent mega rally from Dogecoin (bit-cointalk.com/doge-price-index” data-amp=”https://cointelegraph-com.cdn.ampproject.org/c/s/bit-cointalk.com/doge-price-index/amp”>DOGE). The more than 20,000% rally from DOGE has shocked value investors across the world and many Bitcoin maximalist and equities traders are scratching their heads in confusion, given that DOGE was originally created as a simple joke.

While DOGE has experienced a 40% pullback since reaching an all-time high at $0.74 on May 8, other canine-themed tokens have jumped out ahead of the pack to take the lead while Dogecoin takes a breather.

SHIB/USDT vs. ELON/USDT 4-hour chart. Source: TradingView

Demand for Shiba Inu (SHIB) has been so intense that buyers overwhelmed the Binance system with deposits, causing the top exchange to bit-cointalk.com/news/shiba-inu-hits-another-exchange-as-shib-deposits-overwhelm-binance” data-amp=”https://cointelegraph-com.cdn.ampproject.org/c/s/bit-cointalk.com/news/shiba-inu-hits-another-exchange-as-shib-deposits-overwhelm-binance/amp”>run out of deposit addresses, while the Binance Smart Chain-based Australian Safe Shepherd (ASS) token has gained more than 400% in 24-hours. The Elon Musk-inspired Dogelon Mars (ELON) has al rallied 170%.

While Ether (bit-cointalk.com/ethereum-price-index” data-amp=”https://cointelegraph-com.cdn.ampproject.org/c/s/bit-cointalk.com/ethereum-price-index”>ETH) continues to hold the $4,000 level as bulls successfully defend against any significant move to the downside, EOS, the once touted ‘Ethereum Killer’, has seen its price spike more than 40% after Block.one announced that it had bit-cointalk.com/news/block-one-secures-funding-for-10b-eos-based-crypto-exchange-platform” data-amp=”https://cointelegraph-com.cdn.ampproject.org/c/s/bit-cointalk.com/news/block-one-secures-funding-for-10b-eos-based-crypto-exchange-platform/amp”>secured $10 billion in funding for the creation of an EOS-based cryptocurrency exchange called Bullish Global.

Daily cryptocurrency market performance. Source: Coin360

Other notable altcoin gains include abit-cointalk.com/news/yearn-finance-price-nearly-hits-70-000-what-s-driving-the-yfi-bulls” data-amp=”https://cointelegraph-com.cdn.ampproject.org/c/s/bit-cointalk.com/news/yearn-finance-price-nearly-hits-70-000-what-s-driving-the-yfi-bulls/amp”> 35% rally in the price of Yearn.finance (YFI) to establish a new record high at $77,041 and a 20% spike in the price of Reef (REEF) to an intraday high of $0.508.

The overall cryptocurrency market cap now stands at $2.449 trillion and Bitcoin’s dominance rate is 42.8%.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of bit-cointalk.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.