Is Dogecoin ready to follow Shiba Inu’s 400% breakthrough (SHIB)?

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Meme coins were among the first stars at the start of this year’s bull run and big name influencers like Elon Musk and Mark Cuban helped fuel a surge in the price of Dogecoin (DOGE). DOGE’s success ultimately spawned a huge litter of dog-themed ramifications that now populate the coin pack meme.

This week the peloton is on the run again after Shiba Inu (SHIB) experienced a triple-digit breakout and DOGE looks set to go higher. Bitcoin’s sudden move (BTC) above the $ 55,000 level appears to have triggered the move, and even though the price drops to test the underlying support, meme-tokens are still giving bullish signals.

Aside from the recent Bitcoin breakout and protocol-specific announcements, the coin collecting meme appears to have been started after Elon Musk tweeted a photo of a Shiba Inu puppy.

Shiba Inu expands its ecosystem

According to CoinGecko, among the top 5 meme coins, Shiba Inu (SHIB) has been the top performer over the past week with its price up 400% from a low of $ 0.00000700 on October 4 to a Multi-month high at $ 0.0003529 in October. 6.

Top 5 coins even by market cap. Source: CoinGecko

SHIB’s price spike comes as the ecosystem behind the token has expanded to include the ShibaSwap exchange, which claims to offer lower exchange fees than Uniswap and multiple ways for token holders to earn. a return by providing liquidity or by staking.

SHIB also benefits from being one of the few meme tokens listed on several major cryptocurrency exchanges, including Coinbase and Binance, which provides sufficient liquidity and trading volume for traders interested in SHIB.

The Shiba Inu community has also shown growing interest in the upcoming launch of the protocol’s Shiboshi NFT.

Related: DOGE Co-Founder Targets Ethereum Bridge, NFTs For Mass Adoption

Dogecoin prepares for a breakout

SHIB may have had the biggest percentage gain, but DOGE remains the top dog of the bunch with the furthest reach and a market cap of $ 33.26 billion.

Cointelegraph Markets Pro’s VORTECS ™ data began to detect a bullish outlook for DOGE on October 1, ahead of the recent price hike.

The VORTECS ™ Score, exclusive to Cointelegraph, is an algorithmic comparison of historical and current market conditions derived from a combination of data points including market sentiment, trade volume, recent price movements and Twitter activity .

VORTECS ™ score (green) against the DOGE price. Source: Cointelegraph Markets Pro

As shown in the graph above, the VORTECS ™ score for DOGE climbed into the green zone and peaked at 74 on October 1, about 61 hours before the price rose 26.7% over the course of the years. next two days.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move comes with risk, you should do your own research before making a decision.