Looking back at March, it was clear that the popularity of meme coins such as Shiba Inu (SHIB) and Dogecoin (DOGE) had increased. Initially considered just a joke, these cryptocurrencies seem to be securing larger footholds in the market over time. Several upcoming events in the crypto sector could potentially open new doors for the mentioned meme coins.
Current State of Meme Coins
The upcoming Bitcoin (BTC) halving has historically led to clear price increases for Bitcoin, significantly impacting the entire cryptocurrency space. This potential uptrend could herald a new era for meme coins like SHIB and DOGE.
On the other hand, approval for a U.S.-based Ethereum (ETH) spot ETF could pave the way for institutional investors to trigger broader market engagement. This directional flow of capital could also enhance the value of meme coins.
Meanwhile, some altcoins are discussed as having the potential to reach a market cap of $25 billion in the upcoming bull market.
Shiba Inu (SHIB)
As of today, Shiba Inu stands at the forefront of meme coins closest to reaching a market cap of $25 billion, with a current market value of $13.56 billion. The mentioned $25 billion marks a significantly lower level compared to the all-time high of $43.51 billion seen in October 2021.
The ongoing development of Shibarium, a layer-2 blockchain network for SHIB, is thought to potentially increase transaction speeds and reduce fees.
The past week’s negative exchange net flow in SHIB indicates decreasing sales and a shift towards accumulation by investors. Withdrawals of cryptocurrencies from exchanges can be seen as an indicator of a potential rise.
Progress on Shibarium and an increase in SHIB burn rates could be significant milestones, showing active use and adoption with over 4 million total blocks on the network.
Moreover, a significant increase in daily transactions reflects rising utility and demand for the token.
SHIB’s burn rate increased by 50,000%, and the removal of millions of tokens from circulation has made the token supply more scarce, potentially increasing its value over time.
Dogecoin (DOGE)
Today, Dogecoin stands out as the cryptocurrency closest to reaching a $25 billion market cap with a current value of $23.2 billion, yet it remains far from its all-time high seen in May 2021.
Despite this, it’s important to remember that DOGE can rise rapidly due to influences from Elon Musk and other celebrities.
Additionally, the possibility of real-world adoption could have significant long-term effects on market values. 2024 has so far been a notable year for both SHIB and DOGE.
When January rolled around, a slight price drop was observed, but a significant recovery occurred. As of April 15, SHIB has seen a year-to-date increase of 116.55%, while DOGE has experienced a notable rise of 74.14%.
