Popular memecoins Shiba Inu and Dogecoin both made gains over the weekend, while Bitcoin crossed $25,000 again on Saturday evening before dropping again to $24,000.
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At the time of writing, Shiba Inu saw a 30% increase in 24-hour daily trading volume, logging $3.42 billion, according to CoinMarketCap. The deep gains helped it to climb above rival coin Avalanche and cement a $9 billion market capitalization, allowing it to hold the title of the world’s 12th most valuable coin. In October 2021, the memecoin saw an all-time price high of $0.00008. The coin, however, still lost 81% from its all-time peak in October, and remains down 50% from this March.
Shiba Inu’s rally is largely owed to two events: the impending announcement of its new online game Shiba Eternity, and Ethereum’s upcoming blockchain upgrade. Shiba Inu’s underlying network is powering by Ethereum.
This August, prominent Shiba influencer Shytoshi Kusama declared that the upcoming game Shiba Eternity would have an imminent release — first on mobile, then on the wider blockchain network. And to drum up excitement, this past weekend, Vietnamese acolytes of Shiba Inu were among the first to test the game, and quickly posted videos of their experiences with the online card game that is redolent of Axie Infinity.
On Monday, Dogecoin also saw a price jump of 2.5%, and many see this as linked to both Dogecoin and Shiba Inu running on the Ethereum network.
Over the weekend, the world’s largest cryptocurrency Bitcoin also moved above $25,000, marking the first time since June 12 that the digital currency was above that threshold. The spike may be attributable to inflation amid the Federal Reserve increased interest rates.
