(Kitco News) – Several popular meme coins started showing signs of life last weekend as the cryptocurrency ecosystem began to grow with optimism that the end of the crypto era was in sight.
Dogecoin (DOGE), the first meme coin, delighted crypto enthusiasts with a 22% rally from $0.696 on Friday to an intraday high of $0.848 on Sunday before pulling back to its current value of $0.078.
4 hour chart of DOGE/USD. Source: TradingView
This marks the highest price DOGE has reached since the crypto market crashed in early June and is a promising sign for crypto supporters who have experienced significant losses so far in 2022.
Dogecoin was one of the early movers in 2021 and helped lead the way up the charts for the crypto market as popular influencers like Elon Musk and Mark Cuban promoted the token to their followers. Followers are now hoping that the latest rally of this top meme coin will help fuel a crypto market revival that could eventually lead to new highs.
Shiba Inu (SHIB) is another headline meme coin from 2021 that has woken up recently, rising 43% from $0.00001256 on Saturday to a high of $0.000018 on Sunday as the 24-hour trading volume increased from $369 million to $4.34 billion.
SHIB/USD 4 hour chart. Source: TradingView
The higher move for SHIB follows the addition to the list of cryptos supported by the Binance payment card issued in Europe, potentially exposing the token to new users in the growing European crypto scene.
Other notable meme coin gainers in the past week include a 24% increase for Baby Doge Coin, a 16% gain for Hoge Finance and a 9% increase for Dogelon Mars.
Retailers are getting involved again
According to a Monday message to clients from Hayden Hughes, chief executive of the social trading platform Alpha Impact, “Dogecoin and Shiba Inu have broken up over the weekend, clear evidence that retail investors are returning.”
While the resurgence of demand from retail traders is a positive sign that sentiment in the crypto market is improving, Hughes suggested that further verification is needed from institutional investors who have so far remained on the sidelines of the meme coin rally.
“Alpha Impact traders have been on the sidelines, waiting to see if this trend is picked up by institutional investors who tend to trade during the week,” Hughes said.
The rally in meme coins comes at a time when sentiment in the cryptocurrency market as a whole is rising due to various factors inside and outside of crypto.
A lower-than-expected Consumer Price Index (CPI) print last week has fueled some speculation that inflation may be at its peak, which some hope will allow the Federal Reserve to cut interest rates.
next time Merged Ethereumwhich is anticipated to happen on September 15, also helping to pull the entire market out of the depths of the crypto future as the highly anticipated multi-year upgrade to proof-of-stake looks like it will finally become a reality.
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