Over the past 24 hours, the cryptocurrency market has seen significant movements in Dogecoin (DOGE) and Shiba Inu (SHIB), two of the most well-known meme coins. DOGE increased by approximately 4%, reaching a value of $0.1141, while SHIB surged by over 11%, climbing to $0.00001712. This sudden rise has sparked speculation about whether these gains are heralding a broader altcoin season.
DOGE and SHIB Outshine Other Cryptocurrencies
The recent price jumps of DOGE and SHIB highlight the growing attention being paid to meme coins. The surge in DOGE started overnight on September 26, from a low of $0.1072. Around the same time, SHIB jumped from $0.00001400. According to on-chain data analysis from software developer Santiment, Dogecoin whales purchased a staggering 1.4 billion DOGE tokens in the last 48 hours. This purchase is valued at over $140 million and is seen as one of the main drivers behind DOGE’s price increase. Market sentiment for both coins remains overwhelmingly bullish, with 79% of investors positive on DOGE and 86% bullish on SHIB.
Is This the Start of an Altcoin Season?
With a combined market capitalization exceeding $50 billion, DOGE and SHIB are leading the meme coin industry. These coins have been instrumental in bringing millions of users into the Web3 space, particularly through Layer-1 and Layer-2 blockchain integrations. As liquidity in these coins rises, private and institutional investors are showing increased interest, resulting in a 6% market growth in the meme coin sector.
Market watchers are speculating that these movements could mark the beginning of an altcoin season, where alternative cryptocurrencies outperform Bitcoin. Bitcoin itself has seen a modest gain of 0.84%, with its price recovering to $64,300 after dipping to $62,700. However, compared to the explosive growth of DOGE and SHIB, Bitcoin’s movement seems subdued. Opinions are mixed on Bitcoin’s future trajectory, with 57% of investors predicting a bullish phase and 43% expecting a bearish trend. Regardless, the attention remains on meme coins as they continue to dominate headlines and attract liquidity.
What’s Next for DOGE, SHIB, and the Altcoin Market?
If the current trend continues, DOGE and SHIB could break through further resistance levels, possibly ushering in a broader altcoin rally. Investors and traders are closely watching key resistance points, with many waiting to see if DOGE can surpass $0.15 and if SHIB can push beyond $0.00002. These meme coins are proving to be more than just a passing trend, showing the potential to sustain their momentum and bring even more attention to the altcoin space.
