Dogecoin and Shiba Inu demonstrate a powerful rally amid the growth of the crypto market

Amidst the frenzied growth of most assets in the cryptocurrency sector during the week, when Bitcoin BTC $95,801.54 Bitcoin -1.87% Market capitalization $1.9 trillion VOL. 24 hours $1.54 billion soared above the critical $ 62,000 mark, cryptocurrency meme coins Shiba Inu SHIB $0.00002156 Shiba Inu -4.21% Market capitalization $12.7 billion VOL. 24 hours $87.59 million and Dogecoin DOGE $0.10 Department Of Government Efficiency -5.38% Market capitalization $94.14 million VOL. 24 hours $0.74 billion demonstrated double-digit growth.

The general optimism in the crypto industry, which has pushed its total market capitalization to $ 2.34 trillion, has not only fueled the growth of the flagship decentralized finance (DeFi) asset, but has also led to these two meme coins rising by over 25%.

Shiba Inu, Dogecoin’s largest competitor, rose by 23.52% overnight.

In general, SHIB has shown an increase of 43.40% over the previous seven days, the price dynamics has risen to 48.40% over the month, and the market capitalization has soared by a whopping $ 1.46 billion overnight, reaching $ 7.95 billion.

At the same time, Elon Musk’s favorite cryptocurrency, Dogecoin, recorded an even more impressive 30.38% daily gain, overcoming critical resistance at $ 0.10 and rising to $ 0.12 per coin.

As for the reasons for DOGE’s growth, in addition to the obvious bullish sentiment in the market, they may be related to the significant accumulation of whales that have purchased DOGE from the Robinhood brokerage platform. Thus, it became known that two large holders of digital tokens purchased 172.89 million DOGE and 103.32 million DOGE, respectively.

All things considered, both SHIB and DOGE have benefited immensely from the current bull rally that has swept most of the cryptocurrency market. However, the situation in the crypto industry can easily change, so it is important to weigh all the risks before making any serious investment decisions.